Mario Draghi: ECB plans to tackle bond market

The president of the European Central Bank (ECB) Mario Draghi has said the bank is ready to intervene on the bond markets to drive down borrowing costs for countries such as Spain and Italy.

After a meeting of the bank's leaders, Mr Draghi said there had been extensive discussion on how to tackle what he called the "severe malfunctioning" of bond prices in the Euro area.

Mr Draghi has said that he will come up with more measures to support the euro "over the coming weeks".