The European Central Bank unveiled its most ambitious plan yet to ease Europe’s financial crisis with a plan to buy unlimited amounts of government bonds to help lower borrowing costs for countries struggling to manage their debts.
The program announced Thursday goes beyond the ECB’s earlier, $264 billion bond-buying program, which was not big enough to have lasting impact. Large-scale purchases of short-term government bonds should drive up their price and push down their interest rate, or yield, making it less expensive for countries to borrow money.
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