That's Germany doing "whatever it takes". This paper analysehow lending conditions responded to ECB President s Mario Draghi's “whatever it takes”speech on July 23, 2012, as an example of a major, unconventional central bank intervention. "Whatever it takes", the seminal phrase coined by Mario Draghi at the height of the eurozone crisis in 2012, has never been more poignant. His 'Whatever It Takes' speech in August 2012 marked the beginning of a series of well-orchestrated reforms to save the European banking system and the euro currency. Mondher Bettaieb-Loriot, Head of Corporate Bonds shares his personal views on Mario Draghi’s tenure. It was on this date a year ago that European Central Bank president Mario Draghi delivered the now famous speech in which he pledged to do “whatever it takes” to avert Eurogeddon. “Whatever It Takes” will be on Mario Draghi’s tombstone. Gerade in der größten Volkswirtschaft der Währungsunion sind die EZB und ihr Präsident Market participants should remember, though, that Draghi didn't just utter the phrase. One the most divisive central bankers is on his way out of office. And believe me, it will be enough.” It does so by comparing credit granted and lending standards by individual In fact, what he said was: "within our … The background is this. His " During his time as ECB president, Mario Draghi got the system back on its feet. As Mario Draghi’s tenure as president of the European Central Bank (ECB) comes to an end, it is becoming increasingly clear that the central bank may be reaching the limits of its monetary toolkit. They may have rescued the European monetary union. By analogy with the timeline of the eurozone crisis, one might think that we are back, eight years ago, in late 2012, in the months after the president of the European Central Bank, Mario Draghi, had cast a magic spell with his ‘whatever it takes’ commitment. For tens of millions of Europeans, the economic pain continued. In July 2012 Mario Draghi said “within our mandate, the ECB is ready to do whatever it takes to preserve the euro. "Whatever it takes:" Those three words, uttered by European Central Bank president Mario Draghi in July 2012, are some of the most important words ever spoken in Europe's history.

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