Time Flies for Draghi and the Bumblebees
- ECB president made famous pledge to save euro in 2012 speech
- But while monetary policy worked, reform progress remains slow
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Five years ago today, Mario Draghi was talking about bumblebees.
The European Central Bank president’s speech in London on July 26, 2012, became instantly famous because of his pledge to do “whatever it takes” to save the euro. But for all the power and clarity of that phrase, he started his remarks more obliquely.