Draghi make it a three ring circus.

In one ring, the European Financial Stabilisation Mechanism (EFSM) struggles to come up with a Trillion Euros while it is being restricted to about 60 Billion:
http://ec.europa.eu/economy_finance/eu_borrower/efsm/index_en.htm

In the second ring, the ECB promises to buy sovereign bonds in the market for 1-3 years duration. How the bond rates will be set is up in the air

And in the third ring, the ECB will "sterilize" the money it prints to buy the bonds. How will this "sterilization" work? The ECB is going to copy FED, that's how. As the ECB prints the money to buy the bonds, it will remove an equal amount of money by asking the banks to make one week deposits to the ECB on which the banks  will be paid 0.01%. Thus, in 52 weeks the banks get a guaranteed profit of 0.52% for depositing money handed to them by the ECB.

And this worked HOW in the United States?