See the New York Times, "Europe's Central Bank Moves Aggressively to Ease Euro Crisis":
FRANKFURT — The European Central Bank on Thursday took its most ambitious step yet toward easing the euro zone crisis, throwing its unlimited financial clout behind an effort to protect Spain and Italy from financial collapse."Unlimited financial clout."
Mario Draghi, the president of the central bank, won nearly unanimous support from the bank’s board to buy vast amounts of government bonds, a move that would relieve investor pressure on troubled countries but also effectively spread responsibility for repaying national debts to the euro zone countries as a group.
The decision propels political leaders farther down the uncertain and winding road toward a Europe with centralized control over government spending and economic policy, instead of a collection of nation states that sometimes seem to share little more than a currency and a slumping regional economy.
Mr. Draghi demonstrated once again that he may be Europe’s most powerful leader, perhaps the only one capable of brokering an accord among politicians whose national concerns and mistrust of one another have allowed the crisis to boil for two and a half years.
But there is a risk once again that monetary policy is moving faster than political leaders are able to create the institutions, such as a European bank supervisor, needed to ensure the survival of the common currency.
For the central bank itself, the pledge on Thursday to buy bonds from sovereign states, in conjunction with a fund financed by governments in the 17 European Union nations that use the euro, is a major evolution from its original narrow mandate to restrain inflation.
The bank and Mr. Draghi had the quiet support of all European leaders in taking this latest action, aimed at keeping bond speculators from driving Spain and Italy into budget-blowing borrowing costs. “The euro is irreversible,” he repeated several times Thursday.
"Europe's most powerful leader."
There's something inherently totalitarian in that. Indeed, go back and listen to Pat Condell's vlog from January, "The Gathering Storm." It's all chilling. Mario Draghi, and the rest of it.