Mario Draghi, the president of the European Central Bank, on Thursday announced a new bond-buying program intended to aid debt-saddled countries and shore up the embattled euro currency. The plan would see the ECB buy bonds directly from Spain, Italy, and other countries in a bid to lower national borrowing costs that have risen to perilously unaffordable levels. Draghi said the move would provide a "fully effective backstop to prevent potentially destructive scenarios," and dispel "unfounded" fears that the euro is on the brink of dissolution. The plan is the latest in a series of measures taken by European institutions to resolve the years-long euro crisis, which has weighed heavily on the U.S. and global economies.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- 7 grammar rules you really should pay attention to
- Your literary playlist: A guide to the music of Haruki Murakami
- Why you should stop believing in evolution
- After Ferguson, we don't need another dialogue on race
- The secret to handling pressure like astronauts, Navy SEALs, and samurai
- In defense of Obama's golfing
- A trick for better lunch sandwiches
- The government is getting into the fact-checking business. Be very, very afraid.
- 11 scientific studies that will restore your faith in humanity
Subscribe to the Week