European Central Bank

In an unexpected move, the ECB cut rates to 0.05 percent.

Ireland's bailout comes to an official end on Sunday.

The European Central Bank's plan to buy bonds is reminiscent of the Fed's quantitative easing.

European Central Bank president Mario Draghi announced a plan today to buy bonds and relieve market pressure on troubled eurozone countries. But will it work?

Target countries will have to agree to more austerity and economic reforms.

In China, manufacturing activity fell last month for the first time in almost a year, putting more pressure on Chinese officials to do something to stimulate the economy. Meanwhile in Europe, we learned this morning that manufacturing activity in the eurozone also fell last month, which will in turn put more pressure on the European Central Bank to do something about the ongoing crisis there.

The Fed announced yesterday that it is prepared to act if the economy gets worse -- But for now, nada. Which brings us to the European Central Bank, which is holding a meeting today in Frankfurt and might have a little something up its sleeve for the global economy.

What can the European Central Bank really do to help the euro and what obstacles might be in its way?