How Mario Draghi Found a Way to Rescue the Euro

How Mario Draghi beat the odds and found a way to rescue the euro
Illustration by Erik T Johnson

Experts were skeptical last summer when Mario Draghi gave the speech that saved Europe. Draghi, the president of the European Central Bank, told a London audience that the ECB would do “whatever it takes” to save the euro. At the time, the bespectacled, 64-year-old central banker had nothing to back up his promise. Economists quickly noticed his bravado was out of the fake-it-’til-you-make-it school. “Draghi is damned if he does and damned if he doesn’t,” Carsten Brzeski, senior economist at ING Group in Brussels, told Bloomberg News. “He maneuvered himself into an extremely difficult situation. Expectations are very high.”

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