The impact of the details leaked made the Euro jump versus the USD and it still continues to trade north of 1.26. The proposal is accepted is a shot in the arm of the Euro and reinforces the strength of the euro zone support offered in the last two weeks.
It is still unclear how much support outside of the ECB does this program have and how likely it will be to implement if the big economies vote against it.
European Central Bank President Mario Draghiâ€™s bond-buying proposal involves unlimited purchases of government debt that will be sterilized to assuage concerns about printing money, two central bank officials briefed on the plan said.
Under the blueprint, which may be called â€œMonetary Outright Transactions,â€ the ECB would refrain from setting a public cap on yields, according to the people, and a third official, who spoke on condition of anonymity. The plan will only focus on government bonds rather than a broader range of assets and will target short-dated maturities of up to about three years, two of the people said.