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Draghi says ECB working on plans for bond purchases

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Draghi says ECB working on plans for bond purchases

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“The euro is irreversible” was the headline from European Central Bank head Mario Draghi at the bank’s monthly policy meeting, but exactly what it will do to support the single currency remains unspecified.

Draghi said the bank may buy government bonds of eurozone countries that are under pressure, with “a mechanism” for how that will happen to be discussed over the coming weeks.

He has been under intense pressure from investors, European leaders and even the United States to deliver on his pledge to do whatever it takes to save the euro, within the ECB’s mandate.

The ECB did not cut its benchmark interest rate, keeping it at a record low of 0.75 percent, despite saying eurozone economic growth is weak and uncertainty about the outlook is sapping confidence.