"Five years ago today, Mario Draghi saved the euro", by Eshe Nelson, July 26, 2017:
But with a simple, seemingly off-the-cuff phrase, Draghi fundamentally changed the course of events: “whatever it takes.”
At a speech in London on July 26, 2012, the ECB president gave an account of the euro-zone economy. Bond yields of weak euro-member governments were soaring, and traders doubted that national, euro- or EU-level institutions could get their act together in time to avert disaster. Draghi sought to convince international investors that the region’s economy wasn’t as bad as it seemed. He then made the momentous remark:
“Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.” ... the promise was enough to calm investors and bring down bond yields across the euro zone.
