The European Central Bank has stepped up preparations for a fresh move to combat deflation by appointing BlackRock to advise on a possible bond-buying scheme.
The advisory arm of the US asset manager, BlackRock Solutions, will help the ECB to design a programme to buy asset-backed securities as part of the regulator’s plans to ease credit conditions in the eurozone.
BlackRock Solutions was appointed by the Greek central bank this year to probe its four big banks’ balance sheets and worked with the Bank of Ireland during the eurozone debt crisis. It will now provide the ECB with advice on the design and implementation of a potential ABS purchase programme.
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