video transcript

Highlights from ECB President Mario Draghi's speech as the European Central Bank agrees to launch a new and potentially unlimited bond-buying programme to lower struggling euro zone countries' borrowing costs and draw a line under the debt crisis. Seeking to back up his July pledge to do whatever it takes to preserve the euro, Draghi said the new plan, aimed at the secondary market, would address bond market distortions and "unfounded" fears of investors about the survival of the euro. The scheme, which the Bundesbank is known to have opposed, would focus on bonds maturing within three years and was strictly within the ECB's mandate, Draghi said. Only one member of the ECB Governing Council had dissented, he said.