Mario Draghi may be the man who saved the euro but his last press conference as ...
FRANKFURT - Mario Draghi may be the man who saved the euro but his last press conference as President of the European Central Bank on Thursday is unlikely to be the grand finale he was hoping for.
All that is taking the shine off an eight-year reign that had its climax when Draghi single-handedly averted a collapse of the euro in 2012 with a pledge to do “whatever it takes” to preserve the currency - code for coming to the rescue of heavily indebted euro zone countries. Recent data is on his side. Price growth in the euro zone was a paltry 0.8% last month, a global trade war is threatening to push the bloc’s largest economy, Germany, into a recession and the risk of a hard Brexit continues to loom large.
The turmoil is certain to extend into the mandate of Draghi’s successor, Christine Lagarde, who will take over on Nov 1 promising a review of the bank’s “monetary framework”, likely meaning its goal and tools. France’s representatives on the Governing Council have joined the chorus and 95% of respondents in a Reuters poll said the ECB’s stimulus package would not significantly help in bringing inflation back to the ECB’s target of just under 2%.
These range from demographic and technological changes to the euro zone’s reliance on exports, in particular German manufacturing, which leaves it to bear the brunt of the trade war.
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