ECB chief Christine Lagarde underlined Thursday that the bank was not in the business of managing bond yield movements, and that its actions were aimed at keeping financing conditions favourable for the economy.

"We are not doing yield curve control," she told journalists, after the bank decided to "significantly" step up the pace of its pandemic bond buys.

The move over the next quarter is aimed at "preventing a tightening of financial conditions," the bank said.

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