Draghi ecb
European Central Bank (ECB) chief Mario Draghi leaves the meeting with members of Economic and monetary Affairs Committee at the EU headquarters in Brussels on September 3, 2012. - 

Updated at 10:51 a.m. EST

The European Central Bank has unveiled its plan to save the euro. The bank's president Mario Draghi said this morning that the ECB will buy European government bonds in an effort to stem the debt crisis.

Draghi said it will buy the government bonds of struggling eurozone countries in order to bring down their borrowing costs. These purchases would, in his words, be "unlimited." But this won't be a free lunch for the countries concerned, like Spain Or Italy. In return, they would have to accept strict budget rules. Draghi said the new plan would combat speculation against the euro.

"We will have a fully effective backstop to avoid destructive scenarios with potentially severe challenges for price stability in the euro area," said Draghi.

Investors warmly welcomed the plan. Analysts said it could bring some calm back to eurozone financial markets. But while the speculation may subside,  few believe that Europe's long running debt crisis has been finally laid to rest.