The European Central Bank (ECB) pledged to actively implement its Securities Markets Program and to buy bonds issued by eurozone governments on the secondary markets in an effort to prevent the eurozone's debt crisis from spreading and to ensure price stability in the Eurozone. Speaking in a conference call held late Aug. 7, the ECB said EU member states must activate the EU bailout mechanism, the European Financial Stability Facility (EFSF), in the secondary market if the ECB recognizes significant financial market circumstances and risks to financial stability.
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