Amazingly, a €720 billion Eurozone bailout may not be the biggest news to come out of Europe tonight.

Bigger, perhaps, is the fact that the ECB will begin buying securities on the secondary market -- quantitative easing -- according to Olli Rehn, EU Monetary Affairs Commissioner (per Bloomberg).

On Thursday, Jean-Claude Trichet's seeming unwillingness to make this step was likely a contributor to the big tailspin. Apparently he's seen that he can't afford this.

Also: ECB independence is now dead. For this news to come out just as political leaders are crafting their own bailout basically confirms that Trichet answers to them in the final count.