The European Central Bank (ECB) will meet in Frankfurt today amid growing speculation that they will intervene in the Eurozone crisis.

It is understood the Eurozone bailout fund with the ECB as its agent could buy bonds at auction to drive down the Spanish cost of borrowing.

The ECB chief Mario Draghi says he is prepared to “do whatever it takes” to save the single currency.

However uncertainty over the outcome of the meeting kept European shares, oil and the Euro stuck in narrow ranges on markets.

While some investors believe the ECB could announce it will resume buying bonds under its Securities Market Programme (SMP) to drive down borrowing costs for Italy and Spain most also point to the absence of any sign that Germany has relented in its opposition to the ECB taking a larger role in the debt market.

This is seen by many economists as the only way to quell the crisis.