Euro irreversible, ECB ready to act: Draghi

After The European Central Bank (ECB) held its key rate at a record low of 0.75%, ECB president Mario Draghi said on Thursday the embattled euro was "irreversible" while the ECB was ready to intervene on the markets to force down bloc borrowing costs if need be.

After The European Central Bank (ECB) held its key rate at a record low of 0.75%, ECB president Mario Draghi said on Thursday the embattled euro was "irreversible" while the ECB was ready to intervene on the markets to force down bloc borrowing costs if need be.

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"The euro is irreversible," said Draghi, noting that speculative financial market bets against the euro surviving were pushing government borrowing costs up to unacceptable levels.

Accordingly, the ECB "may undertake outright open market operations of a size adequate to reach its objective," he said, adding that the details of the operations would be worked out "in the coming weeks."

Madrid stocks slumped more than 5.0% as investors looked in vain for the measures they had hoped would help stabilise Spain's borrowing costs while other European markets were down as well, reversing gains.

He also said the ECB is of one mind in its determination to preserve the euro.

"The endorsement to do whatever it takes to preserve the euro as a stable currency has been unanimous."