Reuters reports that ECB vice president Luis de Guindos said that the European Central Bank has the flexibility to counter any undesired rise in bond yields.

“We will have to see whether this increase in nominal yields will have a negative impact on financing conditions. If we reach the conclusion that it will, then we are totally open to recalibrating our programme, including the envelope of our Pandemic Emergency Purchase Programme if necessary. We have room for manoeuvre, and we have ammunition” de Guindos told.