[Peter Sutherland] EU nations need trust, not control, for euro survial
ViewpointsAug 12, 2012
LONDON ― When Mario Draghi, the president of the European Central Bank, publicly proclaimed that the ECB would do “whatever it takes” to ensure the future stability of the euro, the effect of his remarks was immediate and remarkable. Borrowing costs fell dramatically for the governments of Italy and Spain; stock markets rallied; and the recent decline in the external value of the euro was suddenly checked.It remains unclear how long-lasting the effects of Draghi’s intervention ― or of the public