The incoming European Central Bank President Mario Draghi reiterated the ECB rhetoric and commitment to insure financial market stability and prevent malfunctioning in money markets.
Draghi said in a speech today at a conference in Rome that the Eurosystem (of central banks) is determined, with its non-conventional measures, to prevent malfunctioning in the money and financial markets creating an obstacle to monetary transmission.
The incoming president signaled to markets the choice and decision of the ECB to continue with bond purchases rather than the bank submitting to a request from the euro leaders, which Merkel opposed to already, where yesterday she opposed including the request as part of the decision draft that should be released after the summit today.
Draghi also called on Europe to take action and reminded that it's up to them to solve the debt crisis. He called for the utilization of the EFSF support and expanded measures as he said that Europe needs immediate implementation of financial support to manage the crisis while adding that governments also need to fix public finances and support growth in order to solve the crisis.