The European Central Bank unleashed its open-ended bond buying program after Mario Draghi promised to do all he can to save the monetary union, and Fed chief Ben Bernanke announced his version of open-ended bond purchases, dubbed QE3.

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Only a few weeks ago, ECB chief Mario Draghi announced his own open ended bond-buying plan, dubbed Outright Monetary Transaction.

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Draghi verbally intervened markets and then unveiled an open ended bond-buying plan to support Spanish and Italian borrowing costs by pushing down yields.

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