The European Central Bank is edging toward a bond-buying programthat investors say could end up printing money, echoing efforts bythe Federal Reserve and other central banks to fix a credit crisisnearing its sixth year.

ECB President Mario Draghi yesterday left open the question onwhether the bank would neutralize future bond purchases, a step ithas taken with all of its interventions to date. He also said thesize of the new program would be “adequate to reach its objective”of curbing Italian and Spanish borrowing costs, a contrast with the“limited” scope of the previous approach.

“You shouldn't assume that we will not sterilize or sterilize,”he told reporters in Frankfurt. Spanish and Italian bonds slumpedas Draghi steered clear of spelling out all the full details of hisplan, which is being resisted by Germany's Bundesbank. Spain's10-year borrowing cost jumped 17 basis points to 7.33 percent at8:17 a.m. London time.

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