ECB promises fresh scheme for backstop against market turmoil

The European Central Bank promised fresh support on Wednesday to temper a market rout that has fanned fears of a new debt crisis on the euro area's southern rim but appears to have disappointed investors looking for bolder steps.

Government borrowing costs have soared on the 19-country currency bloc's periphery since the ECB unveiled plans last Thursday to raise interest rates to tame painfully high inflation that is at risk of becoming entrenched.

The sell-off was then exacerbated by the ECB's vague commitment to limit the rise in borrowing costs, raising fears that policymakers were abandoning more indebted nations, such as Italy,