The European Central Bank not only allowed the euro area to survive the crisis, but above all, it saved the entire Community.
On July 26, 2012, the sun rose a few minutes before 5:00. All serious analysts, asset managers and investors have recorded on their calendars that a conference that can not be missed is taking place at London Lancaster House that day. Composition of panelists gathered in the mansion at St. James Palace was honorable. The fact that the Prime Minister of Great Britain David Cameron opened it is also a reflection of the importance of the debate. For investors, the morning discussion session, on which central bankers were supposed to speak, with the President of the European Central Bank, Mario Draghi, was particularly interesting. The head of the institution responsible for the monetary policy of the euro area was only a year earlier. He soon understood that his period of office was extremely interesting and troubled.
Moods in the markets were not the best, as the recession recurred for three years to the euro zone. The prospects of drawing the European economy out of subsequent problems after the blow that the crisis of 2008-2009 inflicted on it were not the best.
Speech by Draghi turned out to be the most important occurrence in the history of the ECB, and perhaps also the entire history of the EU. The head of the ECB, dressed in a dark suit with a well-chosen blue tie with a white pattern, started with a nonchalance, holding his left hand in his pocket and the right hand gesticulating slightly. After just over six minutes he emphasized that the euro is irreversible and assured the audience that they are not just empty words on his part. Several dozen seconds later he lowered his eyes and folded his fingers to look at the audience right away with an unusual concentration and say: „as part of our mandate, the ECB is ready to do everything in its power (whatever it takes – ed.), to keep the euro. ” And he added: „Believe me, that’s enough.”