Mario Draghi’s successor will shape the future of the euro zone
of the European Central Bank tower over the river Main. The institution has been equally imposing in the life of Europe’s monetary union. As its only policymaker, it rescued the euro from financial and sovereign-debt crises, and powered a recovery in 2015-17.
All this could alter the course of monetary policy. Poor choices could mean blunders in dealing with a slowing economy or too-low inflation. The bank’s hard-won credibility as the guardian of the euro could come under threat.was set up in 1998, a central bank without a fiscal counterpart. To soothe German fears that it would go too easy on inflation, it was based in Frankfurt and modelled on the Bundesbank.
to stave off deflation, despite northern members’ horror of monetising government debt. Like other central banks, theFittingly for a governor who sees communication as central to his role, his biggest policy intervention was uttered but not implemented. In 2012 he said he would do “whatever it takes” to save the euro, promising to buy unlimited amounts of government bonds if sovereigns hit trouble.
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