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President Schulz's welcomes ECB's bond-buying programme

"This courageous decision is a major step towards resolving the sovereign debt crisis and restoring the stability of the euro zone."

European Parliament President Martin Schulz made the following statement in reaction to the European Central Bank's decision to initiate the Outright Monetary Transactions programme to lower high borrowing costs of some euro zone countries:

"I welcome the European Central Bank's decision to launch a programme of sovereign bond purchases under strict conditionality.

The ECB decision must not be treated as panacea. Its implementation must be accompanied by an active strategy for growth and jobs as well as sound fiscal policies and structural reforms.

A failure to resolve the euro zone's economic problems will throw more and more people into poverty and undermine their confidence in the European Union.

I share the ECB's view that the euro is an irreversible project."