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ECB Vows 'Unlimited Bond Buying‚' Markets Welcome While Germany Stands Skeptical

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2012-09-07

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Whatever it takes.
The European Central Bank has pledged all-out support to save the euro -- and the action following the words was an unlimited bond-buying policy.
[Interview : Mario Draghi‚ President
European Central Bank] "We will do whatever it takes‚ within our mandate to have a single monetary policy for the euro area‚ and to maintain price stability in the euro area and to preserve the euro."
Bonds maturing within three years from countries who seek help and stick to tough policy conditions -- will be the target of the ECB.
This will lower borrowing costs of countries like Italy and Spain and 10-year bond yields of these two countries dropped by point-2 to point-3 percentage points right after the announcement.
Markets around the world jumped immediately on the news but not everyone welcomed the decision:
The chief of Germany's central Bundesbank -- the only member who opposed the ECB's idea -- said it could add more troubles‚ such as devaluation.
[Interview : Thorsten Polleit‚ Economist
Degussa Goldhandel] "
The German Bundesbank has recognized the acute danger tied to the bond-buying program of the ECB. It is quite rightly‚ against these purchases and this program‚ in reality‚ will not lead to a resolution of the crisis but will add another problem."
At about the same time the ECB announced the program German Chancellor Angela Merkel met with her Spanish counterpart Mariano Rajoy in Madrid offering Berlin's support for Spain's reform.
But Merkel said they did not discuss aid conditions.
[Interview : Angela Merkel‚ German Chancellor] "We talked about what was being done right now in Spain‚ but we did not at all talk about conditions.
We talked about the cleaning up of the banks."
Spain has been resisting further austerity measures -- and Germany's Supreme Court has yet to rule on whether to give the eurozone rescue fund its approval -- next week.
Song Ji-sun‚ Arirang News.
Reporter : song@arirang.co.kr

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