And third, the ECB governing council would itself have to decide that central bank bond purchases are also needed.
The ECB Governing Council could have shut down the ELA operation using its powers under Article 14 of the ECB statute.
Following a decision by the European Central Bank to raise interest rates on Thursday, to 4.25%, ECB Governing Council member Mario Draghi said Friday that the decision to do so had been unanimous, according to TradeTheNews.com.
In practice, the ECB is already playing a central role in dealing with failing banks because the ECB Governing Council must make decisions about whether to provide liquidity to these banks against eligible collateral or, as has become fairly common, in the form of Emergency Liquidity Assistance.
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On Thursday, the ECB's governing council met to discuss interest rates and chose to hold them steady.
The ECB's governing council can terminate ELA if it believes the banks receiving it are no longer solvent.
The ECB's governing council went ahead with this programme, despite German opposition.
Under ELA, banks borrow from their national central bank, in this case the Bank of Greece, with approval of the ECB's governing council.
There is a meeting of the ECB's governing council on Thursday.
The Frenchman will get his hands on the interest-rate tiller as soon as November 6th, when the 18 members of the ECB's governing council gather for the first time under his leadership.
Unemployment in the 17 countries that share the euro hit another record in June, a development likely to further weaken consumer spending and add pressure on the ECB's governing council to take action.
Which is why a rare emergency meeting Sunday night of the ECB's governing council is being seen as vitally important - because not all members of the governing council are in favour of buying Italian debt.
Modi said the IPL and BCCI would review conditions stipulated by the ECB at the next IPL governing council meeting in November.
This money was created with the approval of the Governing Council of the ECB.
The Governing Council of the ECB will provide liquidity to the BoC in line with applicable rules.
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In a short statement the ECB said its 23-person governing council had agreed to maintain emergency liquidity provision to Cyprus's banks until Monday.
ECB-watchers such as himself whether the governing council is using this framework in a consistent way.
To counter this weakening, the ECB looks likely to cut interest rates when its governing council meets on July 5th.
Earlier in the session, market participants had speculated that the ECB would announce some unconventional policy steps at a routine governing council meeting Wednesday.
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