ECB follows other central banks and launches a quantitative easing programme of bond buying to boost inflation and growth. On one issue he is clear: he never sought to force Greece out of the single currency. Draghi turned the ECB into the only European institution with the power to shape events rather than just react to them. Ben Chu Just what the euro needs - another new member with a creaking economy. Theresa May. US Show more US. It is unlikely his successor will be anything like as good. This was what many, including Wall Street, had said privately was necessary to avoid the death of the euro and another Great Crash. Draghi steered the eurozone through a crisis that took it to the edge of a break-up.
When Draghi (pictured) took office, the euro crisis was just starting.
Greece was running out of money. Ireland had already had to be bailed out. FRANKFURT, Germany (AP) — Mario Draghi leaves as head of the European Angela Merkel praised Draghi's role in stabilizing Europe during the crisis.
With recent economic data still weakening, many analysts think. He arrived in Frankfurt just as the eurozone crisis was about to out of the country's savers, after the ECB unveiled its latest stimulus package.
The promise was so bold that it convinced international investors that the euro would not break up: the bond market was calmedand the program never needed to be used.
Mario Draghi His legacy after eight tumultuous years at the ECB BBC News
This has also been a concern among some economists, who question the benefits of ultra-loose monetary policy. The outgoing European Central Bank president has come under fire for imposing zero interest rates, an ultra-easy money policy that has done more harm than good.
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Nowhere more so than the Bundesbank, the postwar guardian of price stability.
It is not about the man, but the mandate itself which, he implies, his successor will be obliged to respect.
They had larger economies such as Italy and Spain in their sights. Listen to this article Play audio for this article Pause Mario Draghi is ending his eight-year term at the European Central Bank at the end of the month.
The Associated Press.
Who will save the euro after Mario Draghi has gone MoneyWeek
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|US labour market addsjobs in May - but is still short of. Sign the petition. At some point the markets are going to miss having the man who saved the euro in charge of the ECB. Not only did he play the single most important role in — essentially — saving the euro zone, but since autumn he has de-facto rewritten the ECB's mandate," Fraser said.
Mr Draghi defends the programme as necessary. It is unlikely his successor will be anything like as good.