Economist Stephen Guilfoyle discusses the latest reports about potential ECB action and if it can actually save the Euro. 

European Central Bank President Mario Draghi signaled early in August he was ready to resume buying government bonds provided that the euro zone's rescue fund was also involved, and assisted countries accepted strict policy conditions with international supervision of compliance.

Bloomberg earlier on Wednesday reported that the ECB would unveil on Thursday an unlimited, sterilized program of bond purchases.

Draghi will try to back up his pledge to do "whatever it takes" to save the euro when he presents some details of a new bond-buying plan that is transfixing markets hopeful it can ease the euro zone crisis.