It means that future bond purchases - if they happen - will not involve the Securities Markets Programme (SMP).

BBC: Draghi will do what it takes (give or take)

But more interesting, to the bond markets, was what Mr Draghi said about the Securities Markets Programme: the ECB's purchases of bonds from Italy, Spain, Greece and the rest.

BBC: The great shakedown in Cannes

The ECB has been buying sovereign bonds since May 2010 through its Securities Markets Programme (SMP), supposedly for monetary purposes but in reality to bring down yields in places like Italy and Spain.

ECONOMIST: Has Mario Draghi done what it takes to save the euro?