One Central Banker Is Out, but His Legacy Could Push Europe to the Financial Brink

In Analysis by Michael Rae

Mario Draghi is not a household name outside of a few European countries, and yet what he did or didn’t do had the potential to wreak havoc worldwide.
The MIT-educated Italian economist, who headed the European Central Bank (ECB) for eight years until October 31, left his post after announcing measures that could damage countless lives for years to come.
He announced that the central bank will keep interest rates at zero percent indefinitely and will no longer provide forward guidance, meaning that everyone can assume their near-permanence.
The ECB, which had “exceptionally” bought sovereign and corporate bonds from 2015 to 2018, will

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