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"If we take away the pressure provided by high interest rates, then the willingness to make needed reforms disappears as well," he added.Hans Michelbach, the senior conservative member of German parliament's Finance Committee, demanded in an interview with the financial daily Handelsblatt that the ECB be explicitly banned from buying sovereign bonds on the secondary market."Within our mandate, the ECB is ready to do whatever it takes to preserve the euro.And believe me, it will be enough," Draghi said at a conference in London."The central bank under the leadership of Mario Draghi has pursued increasingly adventuresome contortions to get around the prohibition against state financing," he told the paper.Alexander Dobrindt, general secretary of the Christian Social Union, Bavarian sister party to Merkel's CDU, likewise criticized Draghi's idea.Concrete details of his plan, however, will likely have to wait.
German Opposition Draghi's plan could also put German Chancellor Angela Merkel in an uncomfortable position.Spain in particular has European leaders worried, with the country's borrowing costs remaining stubbornly high despite a recent EU bailout of struggling Spanish banks.On Thursday, Madrid was able to successfully auction off just over 1 billion worth of 10-year bonds at a rate of 6.64 percent, close to the 7 percent limit that economists say is unsustainable in the long term.Many are yearning for a European Central Bank "bazooka" to solve the euro crisis.But ECB President Mario Draghi's proposal to resume the bank's bond-buying program in conjunction with the euro rescue fund is controversial. European Central Bank President Mario Draghi didn't mince words last week.