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Draghi Says ECB Stands Ready to Buy Bonds

European Central Bank leaves benchmark rate at 0.75%.

By Jeff Black and Jana Randow, Bloomberg | Updated on November 08, 2012

European Central Bank President Mario Draghi said the economic outlook is worsening and the bank stands ready to activate its bond-purchase program if governments fulfil the necessary conditions.

“We are ready to undertake” Outright Monetary Transactions, “which will help to avoid extreme scenarios,” Draghi said today at a press conference in Frankfurt after policy makers left the benchmark interest rate at a historic low of 0.75 percent. “The risks surrounding the economic outlook remain on the downside” and underlying inflation pressures “should remain moderate,” he said.

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