When central bankers are in office they are frequently regarded as heroes. After they retire, their reputation slips, sometimes disastrously. And so I predict it will be with Mario Draghi, president of the European Central Bank, after he hands over to Christine Lagarde at the end of this month.
Draghi will be remembered for one phrase: “Whatever it takes.” He said it on 26 July 2012 in a speech in London, when the euro was in danger of breaking up. Bond yields of the weaker countries were soaring, the Eurozone was back in recession, and most market commentators could see no way in which the euro could be saved.
This was the full quote: “Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.”
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