With fresh evidence that a regional recession was undermining even Germany’s industrial might, ECB President Mario Draghi said government bond and other markets had become so dysfunctional that the central bank had to create “a fully effective backstop” for its 17 members.
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The European Central Bank on Thursday moved forcefully to ensure the survival of the euro, agreeing to unlimited purchases of government bonds and a series of other steps meant to restore the world’s confidence in the struggling currency union.
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