He’ll do whatever it takes to save the euro
When Draghi took over the ECB, the eurozone was mired in crisis. Greece, Portugal, Ireland and Cyprus had all required bailouts, and Grexit looked like a strong possibility. The future of the euro was deeply uncertain.
In July 2012, political progress was slow, and all eyes were on the ECB to see what Draghi had planned. He vowed that ‘the ECB is ready to do whatever it takes to preserve the euro’ at a speech in London – following it up with ‘believe me, it will be enough’.
His statement helped ease fears surrounding the future of the currency union, and unsustainably high borrowing costs for key EU states began to drop. The speech also set the tone for the rest of his presidency, as he introduced a slew of new measures to save the euro.