Reuters: Regulatory News: UPDATE 1-ECB drawing up plans for bond purchases - Draghi

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UPDATE 1-ECB drawing up plans for bond purchases - Draghi Aug 2nd 2012, 13:05 Thu Aug 2, 2012 9:05am EDT FRANKFURT Aug 2 (Reuters) - The European Central Bank will draw up a mechanism in the coming weeks to make outright purchases to stabilise stressed euro zone borrowing costs, ECB President Mario Draghi said on Thursday. "The Governing Council, within its mandate to maintain price stability over the medium term and in observance of its independence in determining monetary policy, may undertake outright open market operations of a size adequate to reach its objective." Draghi said after the bank kept euro zone interest rates at 0.75 percent. "The Governing Council will consider further non-standard monetary policy measures according to what is required to repair monetary policy transmission. In the coming weeks we will design the appropriate modalities for such policy measures." Draghi added that the bank would provide more details on any new purchases including a country by country breakdown while they would be focused on shorter term debt.

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