With today’s announcement of the ECB decision, Mario Draghi has almost closed his course ahead of the fate of the Central Bank. Draghi, who was at all levels a president very different from his predecessors. First because he took office at a critical time of the sovereign debt crisis in Europe and it was in his tenure that the ECB went down paths never followed by any other central banks, such as the purchase of private debt.
It was his one of the most important phrases of the decade, when he said on 26 July 2012, without a doubt that he would do whatever it took to preserve the Euro. Statement that many analysts define as the turning point that has taken out the uncertainties about the single currency and the financial stability of the eurozone, giving the Euro an appreciation against the US dollar from $1.299 to $1.399 from that date until May 2014.
Photo by Didier Weemaels.
Mario Draghi will be known as Mr Dovish, has left unmistakable financial stability in the eurozone, with a major relief in the cost of interest rates for the most indebted economies, such as Italy, Greece or Portugal, but time will tell whether a period of “Japanization” has also begun of the monetary policy.
