ECB President Mario Draghi held his monthly press conference this morning.
One of the reporters at the presser was Scott Solano of German news agency DPA.
Yesterday, Solano solicited questions from readers of the popular financial blog Zero Hedge.
The gist of the question Solano put to Draghi was this: Does the ECB have plans in place to protect financial markets in the event that a euro zone member state were to leave the common currency, especially taking into account various derivatives exposures and the like?
At first, Draghi seemed like he was going to avoid the question on the grounds that it was far too hypothetical, but then he decided to answer it head on.
Draghi told Solano that “these questions are formulated by people who vastly underestimate” the importance of the euro to the current ruling regime in Europe, citing the large amount of political capital European leaders have invested in keeping the common currency together.
In short, Draghi said, “there is no plan B for the euro.”
Zero Hedge’s reply to Draghi on Twitter:
“No Plan B”
— zerohedge (@zerohedge) April 4, 2013