Source: Zero Hedge
In retrospect, Mario Draghi will be remembered as the central banker who was always willing to go the extra mile to backstop the historic asset bubble that the ECB inflated since he replaced Jean-Claude Trichet in 2011, making the European Central Bank the biggest hedge fund in the world with more than $5 trillion in assets assets.
As shown below, since his arrived, the ECB’s balance sheet more than doubled from €2 trillion to above €4.5 trillion by Draghi’s departure in Oct 2019.
But if one asks Draghi, the man who once famously declared he would do “whatever it takes” (a phrase that has since been so overused by central banking peers it no longer has any impact) to keep the Eurozone (and Euro) intact, if he would do anything different, he would likely say he didn’t do enough… which is why Draghi was never all that popular in the notoriously austere Germany which remembers very well what happens when one prints money with reckless abandon in hopes of “fixing” things. Incidentally, Draghi’s critics will also say that the former ECB head rushed into every crisis, no matter how severe even if it was a
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