LARRY SUMMERS: I only like Mario Draghi right now

European Economy, President of European Central Bank Mario Draghi
President of European Central Bank Mario Draghi AP Photo/Michael Probst

As the drama continues in Greece, the world is becoming less patient with the European leaders involved.

An editorial from the Financial Times on Sunday blasted Greek prime minister Alexis Tsipras for his role in the crisis.

Meanwhile, some protestors have vilified German chancellor Angela Merkel, French president Francois Hollande, and others for pushing hard on Greece.

But at least one leader is getting praise at the moment: ECB President Mario Draghi.

Speaking from the Swiss International Finance Forum on Monday, former Treasury Secretary Larry Summers lauded Draghi for his strenuous efforts to keep everything together.

“I think the one person who has acquitted himself in an extraordinarily difficult position in an extraordinarily impressive way is ECB head Mario Draghi,” Summers said, as quoted by Bloomberg.

Summers added that while Draghi is, “being faithful to the imperatives of a central bank,” he, “has also recognised the broader stakes involved and then prepared to commit himself and insist that his institution be committed in stepping forward and doing what is necessary to provide confidence.”

Summers went on to bash other European leaders.

According to Bloomberg, he compared central banks to anesthesiologists because “when they mess up it can be catastrophic, but ultimately no anesthesiologists can ever cure a patient.”

Similarly, he explained, no central bank can ever bring about rapid economic growth.

“That depends on the wisdom of its political leaders’ policies, on the commitment to hard work of its people and the spirit of imagination and capacity of its business leaders,” Summers said. “

That is why as valuable as what Mario has done is, it’s not enough.”

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