The European Central Bank (ECB) said on Sunday it will actively implement its plan to buy bonds issued by eurozone governments on the secondary markets in bids to curb the debt crisis.

The ECB welcomed Italian and Spanish announcement on fiscal and structural reforms and commitment of eurozone countries to contribute efforts to alleviate the impact of the debt crisis.

It is fundamental for member states to "activate European Financial Stabiltiy Facility (EFSF) in the secondary market" if ECB recognizes the exisitence of "exceptional financial market circumstances and risks to financial stability," said the ECB in a statement.

The ECB has, after considering the current situations, decided to "actively implement its Securities Markets Program" to "ensure price stability in the europ area," it said after a conference call.