by Calculated Risk on 8/07/2011 04:33:00 PM

UPDATE2: From ECB:

7 August 2011 - Statement by the President of the ECB
....
6. It is on the basis of the above assessments that the ECB will actively implement its Securities Markets Programme. This programme has been designed to help restoring a better transmission of our monetary policy decisions – taking account of dysfunctional market segments – and therefore to ensure price stability in the euro area.

UPDATE: from Reuters: ECB to intervene decisively on markets - source (ht Rickkk)

"The Euro system will intervene very significantly on markets and respond in a significant and cohesive way," the euro zone monetary source said, adding a statement by the ECB will be issued shortly.

From the WSJ: ECB Officials Weigh Massive Purchases of Italian, Spanish Bonds

European Central Bank officials on Sunday evening were weighing whether to purchase government bonds of Italy and Spain on a massive scale ... ECB intervention to prop up Italy and Spain would be a watershed in Europe's effort to fight the financial crisis.

Sunday's meeting, which began in the early evening via a video conference ...

Also the G7 is expected to put out a statement later today.

Sunday is the new Monday again.

Yesterday:
• A long Summary for Week ending August 5th
• Schedule for Week of August 7th