Eurozone Monetary Policy


Draghi outlines bond-buying plan

At the latest European Central Bank (ECB) policy meeting on 2 August, ECB President Mario Draghi outlined a plan under which the ECB could resume purchases of Italian and Spanish bonds on the secondary market, in a bid to quell investors concerns regarding the peripheral countries' financial stability and stem risks of a possible Euro break-up. President Draghi justified the need for ECB action, as the current scenario of high yields on peripheral countries' sovereign bonds is hindering the transmission mechanism of monetary policy. The ECB acknowledged, however, that the burden of the adjustment rests in the hand of policymakers at a national level. According to the plan sketched by Draghi, the ECB would support the efforts of national governments and "within its mandate to maintain price stability over the medium term and in observance of its independence in determining monetary policy [

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