Eurozone awaits news from European Central Bank

Mario Draghi, President of the European Central Bank, ECB addresses the media during the press conference following the meeting of the ECB Governing Council in Frankfurt am Main, Central Germany, on August 2, 2012.

A survey out this morning shows that manufacturing in the eurozone has fallen for the 13th straight month.

It's not a great start to what will be a big week for the European Debt Crisis. On Thursday, the head of the European Central Bank, Mario Draghi, is expected to tell us what he meant when he said he'll do "whatever it takes" to save the euro.

Marketplace's Stephen Beard has been covering the story from London. He says that it is likely that on Thursday, Mario Draghi will give more details on the plan to buy large quantities of Spanish and Italian government bonds.

Christian Schulz of the German bank Berenberg says that "the ECB's action could be a turning point in the euro crisis." If the ECB, with its deep pockets, goes far enough, the measures it takes could save the euro.

Meanwhile, German chancellor Angela Merkel continues to walk a "tightrope" between pleasing her fellow countrymen -- many of whom don't support more aid to Greece -- and holding the eurozone together.

About the author

Stephen Beard is the European bureau chief and provides daily coverage of Europe’s business and economic developments for the entire Marketplace portfolio.
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I hear nothing in Italian politics that would make one think that the sacrifices that go with a ECB bailout will be accepted. The culture of these southern European cultures is timeless and will resist all attempts towards free-market. Especially as people see the level of corruption a centralized government body has......they will keep their corruption local. If France's Hollande is able to come through with his promised reforms that are more people friendly there will be even less likelihood of moving towards free-market.

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