Mario Draghi
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ECB's Mario Draghi unveils bond-buying euro debt plan

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.

Ahead of the announcement, the central bank kept the benchmark eurozone interest rate unchanged at 0.75%.

Gavin Hewitt reports.

  • 06 Sep 2012