ECB chief Mario Draghi was awarded Person Of The Year for 2012 by the FT today.
The exact moment he really did so was on July 26, when he said: “Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.”
Here’s a video:
Of course, we know that the “whatever it takes” meant the ECB’s OMT plan, whereby it would promise to buy sovereign debt in unlimited quantities if countries agreed to reforms. The effect has been dramatic.
Here’s a chart of Italian 10-year yields. The line is on June 26… you can see how much yields dropped that day, and how they continued to fall all year.
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