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ECB's anti-crisis bond buys must be temporary - Elderson

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FILE PHOTO: Specialists work on a crane in front of the European Central Bank (ECB) in Frankfurt
FILE PHOTO: Specialists work on a crane in front of the European Central Bank (ECB) in Frankfurt

FRANKFURT (Reuters) - The European Central Bank's Pandemic Emergency Purchase Programme (PEPP) must be temporary, Frank Elderson, a candidate to join the ECB's board, told lawmakers on Monday.

"It's temporary, it's targeted and, as all the measures of the ECB, must be proportional," said Elderson, the candidate put forward by euro zone governments to replace Yves Mersch on the ECB's board on Dec. 15.

"So far it has done what it was set out to do by the Governing Council," he told a hearing with members of the European Parliament.

(Reporting By Francesco Canepa; Editing by Balazs Koranyi)