- Title: GERMANY: ECB drawing up plans for bond purchases says President Mario Draghi
- Date: 2nd August 2012
- Summary: FRANKFURT, GERMANY (RECENT) (REUTERS) PAN FROM EURO STATUE WITH STARS TO EUROPEAN CENTRAL BANK (ECB) BUILDING
- Embargoed: 17th August 2012 13:00
- Location: Germany
- Country: Germany
- Topics: Economy
- Reuters ID: LVA6HLW3C5GRHGHOZYENSTC9WS0W
- Story Text: The European Central Bank will draw up a mechanism in the coming weeks to make outright purchases to stabilise stressed euro zone borrowing costs, ECB President Mario Draghi said on Thursday (August 2)
"The Governing Council, within its mandate to maintain price stability over the medium term and in observance of its independence in determining monetary policy, may undertake outright open market operations of a size adequate to reach its objective." Draghi said after the bank kept euro zone interest rates at 0.75 percent.
He also said that the Governing Council of the ECB considers "non-standard monetary policy measures" further to what is required to repair monetary policy transmission. "In the coming weeks we will design the appropriate modalities for such policy measures," Draghi told journalists.
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