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.
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.