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Opinion
Marcus Ashworth

Mario Draghi Leaves a Toxic ECB Legacy for Bankers

The ECB president deserves all the plaudits for saving the euro, but the “doom loop” between large banks and sovereign debt hasn’t gone away.

Too big to fail.

Too big to fail.

Photographer: Bloomberg/Bloomberg

Mario Draghi, the departing head of the European Central Bank, has been buffing up his “savior of the euro” image in a swansong series of interviews. But not everyone is standing up to applaud.

Echoing many of his less-than-impressed fellow Germans, the chief executive officer of insurer Allianz SE laid into both the ECB and Draghi last week. “The politicians and the regulators have told us they fixed the banking system and insurance system in terms of this negative spiral of financial sector risk morphing into sovereign risk and [looping] back,” Oliver Baete said. “It is the biggest non-truth that exists.”