September 6, 2012
Mario Draghi, president of the European Central Bank, has unveiled details of a new bond-buying plan aimed at easing the eurozone’s debt crisis.
He said the scheme would provide a “fully effective backstop” and that the euro was “irreversible”.
The ECB aims to cut the borrowing costs of debt-burdened eurozone members by buying their bonds.
[…] Mr Draghi said the ECB would engage in outright monetary transactions, or OMTs, to address “severe distortions” in government bond markets based on “unfounded fears”.