Mario Draghi, the president of the European Central Bank will soon defend a key bong programme of the European Central Bank in a court challenge next week.

Experts say that the central bank's bold steps have been able to keep the European markets calm over a period of time. The ECB had indicated that it will directly get involved in the bonds market and purchase bonds of troubled member countries, most likely Spain and Italy. Draghi defended the scheme on Monday in a conference in Shanghai, China and claimed that it was able to address fears that the Eurozone is headed for a breakup.

Investor sentiments worldwide were boosted by the European Central Bank's decision to launch the scheme to buy as many bonds as are required to stabilize the countries that are facing a difficult economic situation. The purchase of bonds by the region's central bank was aimed at reducing the cost of borrowing for some countries. Draghi worked with several national governments in the region as well as outside to take steps to reduce the high cost of borrowings in Spain and Italy.

Germany's Bundesbank central bank has submitted a legal brief with its objections to the scheme before the any's Constitutional Court June 11-12 in Karlsruhe.