The program was suggested by Mario Draghi in 2012. It does not contradict the EU current legislation. This program also does not give advantages to the governments of the states which are members of the Union.
To date, ECB has never used M.Draghi's approved program. But the fact that it exists calms the markets.
Analytics explain: the program of buying state bonds is a unique way which will help to react promtly to sharp changes in eurozone, in case of Greece's possible exit from the EU.
So far, the European Court of Justice in Luxembourg decided to give ECB the right to buy up government bonds to save euro. This is especially relevant to crisis countries which are near default.
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