European Central Bank President Mario Draghi, who recently sparked a global stock rise, is working 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.

Draghi had recently caused a global stock rally when he said that the ECB would do whatever it takes to save the Eurozone. He said that the ECB would ready to do "whatever it takes to preserve the euro". The remarks by the president of the European authority will allow leaders more time to sort out eh regions economic woes with Spain entering a more difficult economic situation.

He is now working on a plan to build consensus among governments and central bankers to ease borrowing costs in Spain and Italy before ECB policy review on august 2. He has already held meeting with U. S. Treasury Secretary Timothy Geithner in Frankfurt and will soon call upon Bundesbank President Jens Weidmann.

It is believed that the governments of France, Germany and Italy are already backing his plans for bringing down the borrowing costs in the affected nations. Analysts say that Draghi has publicly risked his reputation on the matter. Under his leadership, the ECB is not known to take part in open market operations but it is believed that as the time has come for it to act, the central authority might use its might to correct the situation once and for all.