Draghi Says ECB Will Have Fully Effective Backstop for EMU

European Central Bank President Mario Draghi said officials had decided on the modalities of its government bond purchase plan.

The plan will “assist the monetary policy transmission mechanism in all euro area countries,” Draghi told reporters in Frankfurt today. “We will have a fully effective backstop to avoid destructive scenarios with potentially severe challenges for price stability in the euro area.”

To contact the reporter on this story: Gabi Thesing in London at gthesing@bloomberg.net

To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net

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