The ECB has promised to buy Italian and Spanish sovereign bonds to keep their interest rates down, provided these countries ask for lines of credit from the European Stability Mechanism and adhere to agreed fiscal reforms. Germany’s Constitutional Court has approved the country’s participation in the ESM, and Chancellor Angela Merkel has given her blessing to the ECB’s bond-buying plan, despite strong public objections from the Bundesbank.
欧洲央行承诺购买意大利和西班牙主权债券以保持两国利率的低水平，只要两国向欧洲稳定机制（ESM）要求信用额度并信守财政改革承诺。德国宪法法院批准该国加入ESM，总理默克尔也表示支持欧洲央行的债券购买计划，尽管德国央行公开表示强烈反对。国际债券市场也对此表示欢迎，意大利十年期债券利率降至4.8%，西班牙降至5.5%。