mr. draghi is less flamboyant. a pragmatist, a man not given to want to be in front of house, shall we say. in that sense, a lot of difference. on substance, not so sure. he mayay be interested in buying out bonds, the toxic sovereign debts that mr. trichet has been reluctant to get involved in, and that will upset germany if he does. he will see things through a cold, analytical eye. >> what are the chances that the ecb will continue to buy up the eurozone bonds, accumulating more debt? >> mr. trichet had eliminated the bond-buying spree in his time. this was meant to stop very soon. the only thing we can go on right now is that mr. draghi said, about a week ago, that he would continue that methodology of trying to bring markets under control. for germany, that is inflationary. it is not what they want to see. it is not necessarily the way to go. >> let's talk about the greek referendum on the rescue package.e. what is that want to mean for the ecb? >> it is just what an incoming's does not on his first day -- inc

mr. draghi has the longer-term task; the more urgent one falls on the shoulders of mr. monti.ioritize economic growth, which is italy's great weakness. but reforming italy is tougher than it looks. italy's borrowing costs are already retreating, but not by much. at an auction on monday of $3 billion worth of five-year bonds went as well as could be expected-- at a yield of 6.29%. the auction sent two important messages, though-- that italy is not shut out of the capital markets, and that the immediate threat to mr. monti's plans are higher interest payments. there is little mr. monti can do about the markets. he should concentrate on what he can change, italy's dismal economic growth. wages and costs continue to rise, meaning italy has lost competitiveness as quickly as countries such as ireland and portugal. mr. monti must set italy's entrepreneurs free. immediate labor market reforms to address the high cost of unemployment would be a good start. italy's debt ratio is 120% of gross domestic product. merely stabilizing it at that level is not enough. it should be reduced to b