BREAKING NEWS

Draghi enters lion's den to sell bond-buying plan

By REUTERS

OCTOBER 24, 2012 01:49

BERLIN - European Central Bank President Mario Draghi faces a two-hour grilling on Wednesday from German lawmakers who fear his bond-buying plan to ease the region's debt crisis could fuel inflation and undermine the ECB's cherished independence.

Unveiled in early September, Draghi's Outright Monetary Transactions (OMT) program is designed to prop up wobbling euro states such as Spain by reducing their borrowing costs.

It has already contributed to an easing of the euro zone's crippling three-year crisis, but German critics say it violates an ECB taboo on financing governments, taking the bank into dangerous new territory.

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