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Bloomberg (June 29)

2015/ 07/ 01 by jd in Global News

“Three years after Mario Draghi pledged to do whatever it took to save the euro, the mounting crisis in Greece is calling into question the integrity of the entire currency union.” Although Greece is minor in terms of economic output, “its exit would hurl the bloc into unknown territory by setting a precedent for other nations to reconsider their membership.”

 

Financial Times (January 23)

2015/ 01/ 23 by jd in Global News

“It has taken far too long for the European Central Bank to embark on quantitative easing but its belated action is no less welcome.” ECB president Mario Draghi unveiled a massive program to purchase eurozone bonds through 2016 to help counter the threat of deflation. “There is no doubt that Mr Draghi needed to act. Growth and underlying inflation have been relentlessly weak, providing clear evidence that demand in the eurozone is faltering.”

 

Bloomberg (January 19)

2015/ 01/ 20 by jd in Global News

“The actions that the European Central Bank will finally announce this week won’t give the continent the boost it needs.”  The EU still depends on a “broken” system of economic governance. “What’s remarkable is that Europe’s governments haven’t even begun to confront this larger issue.” It is unrealistic to think that the ECB can again save the day. “Not even Mario Draghi can save Europe now.”

 

Wall Street Journal (September 5)

2014/ 09/ 06 by jd in Global News

“You can’t say Mario Draghi isn’t doing his part.” Trying to deliver another economic “miracle,” the European Central Bank (ECB) President lowered interest rates and increased the negative rate institutions pay on funds deposited with the ECB. “Too bad the politicians keep using Mr. Draghi as an excuse to dodge their responsibility to pass pro-growth reforms…. Europe’s main economic problem is a political class that doesn’t want to address the structural impediments to growth that have nothing to do with monetary policy.”

 

Wall Street Journal (September 10)

2012/ 09/ 12 by jd in Global News

“Mario Draghi laid out the European Central Bank’s latest bond-buying venture Thursday, and we suppose the good news is that it isn’t as sweeping as it might have been.” Still, it amounts to “another giant step into fiscal policy. This is far from the original vision of the euro, and the costs to the central bank’s political independence will be steep.” Furthermore, the benefits are marginal. “At best, the new program will give Messrs. Monti and Rajoy more time to promote the reforms in labor markets, taxation and other things their countries so desperately need to grow again.”

 

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