European politicians shouldn’t rely on European Central Bank emergency instruments to solve their fiscal problems, according to Governing Council member Olaf Sleijpen. Asked in an interview with Het Financieele Dagblad if the ECB’s never-deployed programme designed to counter excessive market moves — known as the Transmission Protection Instrument — could be used to support government bonds, the new Dutch central bank chief was guarded. “So, I think the idea that the ECB will solve it is a bit too simplistic. For price stabilityThe 55-year-old Sleijpen started as Dutch central bank chief in July, succeeding Klaas Knot, who was seen as one of the more hawkish ECB rate setters. “Even for those investments, a euro is a euro that ultimately has to be repaid,” he said.