The European Central Bank can reinforce the euro's international standing and widen the reach of its monetary policy by offering liquidity backstops to foreign countries, according to comments from ECB chief economist Philip Lane reported by Reuters. Lane made the remarks at a closed-door gathering in Shanghai titled Monetary System Beyond the Dollar, part of the annual Bund summit. Lane indicated that demand for the ECB's recently expanded euro liquidity facilities has been substantial, with more than 30 central banks showing interest. He argued that liquidity lines reinforce confidence in the currency and lower related risks, thereby supporting broader use of the euro.
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