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FRANKFURT, Germany The European Central Bank and its president, Mario Draghi,
have played a key role in fighting the government debt crisis afflicting
the 17 European Union member countries that use the euro.The ECB is
the issuer of the euro currency and serves as the top monetary
authority for the eurozone and its 333 million people.Some of its key
steps have been:LOWER INTEREST RATES: The ECB has cut its key interest
rate four times since Draghi become president. This month the ECB lowered
the so-called main refinancing rate further by a quarter-point to a record
low of 0.5 percent.The refinancing rate is what the bank charges on
the credit it offers to eurozone banks and thereby influences interest rates
on the loans banks provide to each other, businesses and consumers. Theoretically,
a lower rate means cheaper borrowing costs and more incentive to borrow
money and expand a business. In practice, a slack economy has meant
weak demand for loans.UNLIMITED BOND BUYS: In 2012, high borrowing costs
were threatening to push indebted countries such as Italy and Spain into
a financial collapse that could have broken up the euro.Draghi took a
major step toward calming the eurozone crisis by announcing last year that
"within our mandate, the ECB is ready to do whatever it takes
to preserve the euro."The ECB followed through on Sept. 6 by offering
to purchase unlimited amounts of bonds issued by heavily indebted countries,
lowering their bor
PARIS The son of Iran's toppled shah has a new job
as spokesman for a nascent movement to press for free and fair
elections in his homeland.Reza Pahlavi said Thursday that his Paris-based
collective, the Iranian National Council, brings together tens of thousands
of pro-democracy people from both inside and outside Iran.He said the council
"is calling for a major boycott" of Iran's June presidential vote but
that "is not enough." He also said a civil disobedience campaign should
follow if elections aren't free and fair.Pahlavi says "we are challenging
the regime."Iran's 2009 presidential vote led to major protests that were
brutally repressed.
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