ECB’s Draghi defends bond buying plan

The ECB must employ “exceptional measures” at times to fulfil its mandate of delivering stable prices, its president Mario Draghi wrote in an opinion piece aimed at calming German angst about the bank’s policy course.

The ECB is drawing up a bond-buying plan to lower borrowing costs facing Spain and Italy, which Mr Draghi is expected to detail after a policy meeting next week.

Germany’s Bundesbank — highly respected by German voters — opposes the plan.