With Mario Draghi at the head of the ECB, a man who has shaped with its zero interest rate policy like no other, the European financial policy.
Mario Draghi delivers, and with him a man who has to answer without democratic legitimacy, a gigantic Experiment with the rest of Europe. The Good first: The Experiment succeeded, for the time being. Without Draghi, it would give the Euro probably. His famous set of July 2012, he will save the currency “whatever it takes”, has gone down in history. He meant, Who speculated on the demise of the Euro, we’re betting against it, and we can’t print money, your. This has saved the currency.
of The Euro is a young construct, as well as its Central Bank. What you can, and must, laid down in the Treaty of Maastricht, but as a political practice forges, the decided only in the fire of the story. And it was Mario Draghi, has forged the role of the ECB.
He has stated that the ECB States may Finance: For the rescue of the Euro, the ECB government bonds purchased from the secondary market, not directly from the ministries of Finance in Berlin, Athens or Paris. Even if he preached publicly, it was not only the official mandate of the Bank’s two percent Inflation: a De facto, he expanded the Power of the ECB for decades to come. Draghi has a political history. By the way, is now fixed also, who controls the ECB: The European court of justice has not made his judgments clear that he can stop the Central Bank did it.
The Germans are now caught in an irony of history: they wanted that the ECB is just as untouchable, as Draghi has made and rag, now permanently with their zero interest rate policy. Also the is a gigantic Experiment, for which there is no historical counterpart, from which to draw conclusions about the outcome close. The zero interest rates are the real reason the black Zero in the Federal budget, let savers with Passbook cursing and stock owner*cheer on the inside. You have helped the Euro area is economically on the legs and lay the Foundation for the next crisis. Draghi’s Experiment will occupy Europe for a long time.