, Columnist
Draghi Is No Longer Taken Seriously by Markets
Dovish comments by the ECB president sent the euro soaring, exactly the opposite of what should happen. Also, book club notes.
The President of the European Central Bank Mario Draghi is on his way out.
Photographer: Stringer/AFP/Getty Images
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When European Central Bank President Mario Draghi speaks, markets usually take notice. Back in 2012, he effectively ended the euro zone’s sovereign debt crisis by promising to do “whatever it takes” to protect the euro. His words were so effective that the market never tested his resolve. The crisis abated, even as the economy went into a long and slow malaise.