« Whatever it takes » Five years later

Publié: 26 juillet 2017 dans Informations générales

Philippe Waechter's blog

Five years ago, Mario Draghi made remarks in London that have changed the world.
When he spoke in London on July the 26th 2012, the Euro area was in its deepest recession since WWII* and two important countries, Italy and Spain, were following a non sustainable trajectory that can be described as a deep recession with high real interest rates.

These problems came from the European decision to follow austerity policies. These latter dramatically reduced domestic demand but without having a strong impact on public finance. So the main question for Italy and Spain was the date of their exit from the Euro area; not if but when.
An exit from these two countries would have led to a collapse of the Eurozone. This would have destabilised the world economy.

Five years ago, in London, Mario Draghi did three things

First he said that the Euro Area was a political…

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