The ECB is ready to act "without taboos" but "the euro is irreversible" and those who bet on its sinking have miscalculated. This is the strong message that the president of the ECB, Mario Draghi, sends to the markets and to financial speculation after the collapse of the stock exchanges on Friday and in view of tomorrow's reopening.
Draghi's message - launched through an interview with "Le Monde" - is not accidental but is aimed at making everyone understand that, in the face of the worsening crisis, the ECB and Europe will not sit idle but they are ready to act “without taboos”. Without distorting its role and waiting for the EU to take its decisions and apply the resolutions of the European Council at the end of June with the anti-spread shield and the first steps towards a banking union, the ECB is ready to play its part with great openness . The eye is on rates, liquidity and the support of the banks, without excluding - even if Draghi does not say so - that the central bank may return to buying bonds in the event that speculation continues to rage against some state in difficulty, such as Spain and Italy.
Naturally Draghi does not hide the seriousness of the crisis and the fact that it has moved from finance to the real economy, but he maintains that the EU as a whole will not go into recession and that by the end of 2012 there will already be a gradual improvement.
Finally, the final message: those who imagine doom for the euro "misunderstand the political capital that our leaders have invested in this union and the support of the Europeans". Tomorrow the word goes back to the markets.
