ECB to discuss market rout in unscheduled meeting

Invitations to the meeting were sent out on Tuesday 

The European Central Bank's policy-setting Governing Council will hold a a rare, unscheduled meeting on Wednesday to discuss the turmoil in bond markets, underscoring official concern around a blowout in borrowing costs for some euro zone nations, Qazet.az reports.

Bond yields have risen sharply since the ECB promised a series of rate hikes last Thursday and the spread between the yields of German bonds and those of more indebted southern nations, particularly Italy, soared to its highest in over two years.

"The Governing Council will have an ad-hoc meeting on Wednesday to discuss current market conditions," an ECB spokesperson said.

The meeting was scheduled for 0900 GMT but it was not yet clear whether a statement would be published, several people with direct knowledge said.

Invitations to the meeting were sent out on Tuesday and some policymakers, who were expected to attend a conference in Milan on Wednesday, called off their appearances.