ECB to Clarify Use of Unconventional Tools: Villeroy 

The European Central Bank will make clear in future whether it’s deploying unconventional tools to steer the monetary-policy stance or ensure smooth transmission, Governing Council member Francois Villeroy de Galhau said.

Instruments “will be used in a ‘proportionate’ manner by explaining their primary purpose,” the French central-bank chief said Monday in an op-ed in Les Echos following the ECB’s recent strategy review.