DRAGHI’S DIFFERENT DIRECTION

A recent speech by ECB president Mario Draghi was significant in breaking three previously sacrosanct taboos about the structure and operation of the euro, writes Jean Pisani-Ferry

CENTRAL bankers are often proud to be boring. But not Mario Draghi. Two years ago, in July 2012, Draghi, the president of the European Central Bank, took everyone by surprise by announcing that he would do “whatever it takes” to save the euro. The effect was dramatic.

This August, he used the annual gathering of top central bankers in Jackson Hole, Wyoming, to drop another bombshell.