Zeebiz Bureau
Frankfurt: All eyes are on European Central Bank (ECB) chief Mario Draghi to back up his promise on July 26 to do "whatever it takes" to preserve the euro, when he speaks after the Governing Council meets on Thursday, a news wire has reported.
Draghi faces the most decisive moment of his presidency today when he tries to heal divisions among policymakers and deliver on his promise to save the euro.
Investors want to hear how the ECB will start a new bond-buying programme to help bring down the borrowing costs of Spain and Italy, after disagreements on the Governing Council over the plan were played out in public last week.
Renewed ECB intervention in the euro zone's bond markets is crucial for buying governments time to come up with a longer-term response to the bloc's debt crisis.
Spanish and Italian government bond yields have fallen significantly since Draghi said on August 2 that the ECB would buy bonds issued by Madrid and Rome.
With Agency Inputs
