Details are emerging of how the European Central Bank plans to stave off undue panic in government bond markets as investors worry a repeat of the continent’s sovereign-debt crisis of the last decade may be on the horizon. The ECB’s Governing Council held an emergency meeting Wednesday as the prospect of the first interest-rate increases in a decade to tackle record inflation sent Italian yields to their highest since 2013, widening the gap over equivalent German notes. Officials’ announcement later, that work on a new instrument will be sped up, triggered a rally that lasted into the weekend. But its longevity ... (full story)