ECB President Mario Draghi yesterday indicated that the bank would be open to buying government bonds with a maturity of 2-3 years, telling the European Parliament that doing so wouldn't contravene EU treaties. The remarks add further confirmation that the ECB is set to act, sending Spanish and Italian bond yields sharply lower today. Meanwhile, Bundesbank chief Jens Weidmann is reportedly totally isolated in the ECB in his opposition to the bond purchases.
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