[European Central Bank President Lagarde: The European Central Bank has the tools to respond to market fluctuations that lack legitimate reasons] On October 9, European Central Bank President Christine Lagarde told the finance ministers of the euro zone countries that the ECB has the tools to stabilize financial markets if necessary. Asked about sovereign bond spreads at a closed-door meeting in Luxembourg, Lagarde reiterated the ECB's stance that the institution is keeping a close eye on whether financial markets are functioning well, people familiar with the matter said. Lagarde added that the ECB has the tools to respond to market dynamics that threaten the smooth transmission of monetary policy, lack justification and are disorderly, but they must meet clear applicable conditions.