European Central Bank (ECB) officials reportedly want the new instrument that will be used to battle against fragmentation to be ready by the July Governing Council meeting.

Under the new anti-crisis tool, the ECB is said to offset bond-buying and policymakers are worried that market stress may hinder the monetary policy. 

Market reaction

The shared currency is struggling to find demand following this headline. As of writing, the EUR/USD pair was trading at 1.0412, where it was down 0.26% on a daily basis.