In an attempt to hold back the tides of the market, which will swamp a "nation too big to fail" (ie Italy), the ECB will reopen its purchases of government debt.
No matter what the ECB does, it will have little effect other than to postpone the day of reckoning. The Centre for Economics and Business Research has stated that Italy, with a debt equivalent to 120% of GDP, is on an unsustainable path and "bound to default".
Playing Canute by throwing money at the problem will simply not work, the markets know that there are fundamental problems with Euroland that can only be resolved once certain countries exit the Euro.
The fact the the leaders of Euroland thought that their recent "Hail Mary" was enough to resolve the issue, so that they could all go on holiday, shows how completely out of touch with reality they are.