U.S. Markets closed

News Summary: Draghi defends ECB crisis measures

The Associated Press

The President of the European Central Bank, ECB, Mario Draghi delivers the opening speech at the annual meeting of the ruling Christian Democratic Union, CDU, party's Economic Council in Berlin, Germany, Tuesday, June 25, 2013. (AP Photo/Markus Schreiber)

EXTOLLING BUYBACKS: European Central Bank head Mario Draghi says Europe's bond-buying program is more important now following recent market turbulence sparked by other central banks around the world.

OVERSEAS MOVES: The U.S. Federal Reserve has roiled markets by indicating it could gradually reduce its emergency stimulus measures if the economy improves. Chinese authorities have tried to rein in excessive lending, leading to a spike last week in interbank borrowing rates.

EUROPE NOT READY: Draghi said that the ECB's exit from its own stimulus measures "is still distant, since inflation is low and unemployment is high." It hasn't bought any bonds since announcing its plan last year. But the mere offer has pushed up government bond prices and taken financial pressure off indebted governments by lowering their borrowing costs.