October 25, 2011 / 11:29 AM / 8 years ago

Euro zone leaders to cal on ECB to go on buying bonds: draft

BRUSSELS (Reuters) - Euro zone leaders will call on the European Central Bank to go on buying bonds in the secondary market to support the likes of Italy and Spain, according to draft conclusions obtained ahead of a summit on Wednesday.

According to the draft document, the leaders will say: “We fully support the ECB in its actions to ensure price stability in the euro area, including its non-standard measures in the current exceptional financial market environment.”

EU sources said “non-standard measures” referred to the ECB buying the bonds of distressed euro zone sovereigns in the secondary market, known as the securities market program.

The ECB has been buying Spanish and Italian bonds since August in an effort to push down yields on their sovereign debt, lowering their financing costs.

Reporting by Julien Toyer; writing by Luke Baker

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