Leading European politicians have appreciated the merits of outgoing ECB President Mario Draghi for the euro area. "You navigated the euro through troubled seas," said German Chancellor Angela Merkel (CDU) at a ceremony in the European Central Bank (ECB) in Frankfurt. Draghi successfully led the common currency area through the euro debt crisis, preserving the ECB's independence and strengthening monetary union. French President Emmanuel Macron emphasized that Draghi acted for the people of Europe.
On November 1, Frenchwoman Christine Lagarde replaces the 72-year-old at the head of the central bank. The ECB gets a boss for the first time (read a portrait here).
Draghi had stabilized the Eurozone in the summer of 2012 in the deepest crisis of its young history, with the promise that "the ECB will do everything it can to save the euro" ("Whatever it takes").
Former German Finance Minister Wolfgang Schäuble (CDU) told the Italian newspaper Corriere della Sera that the statement was crucial at that time to stabilize the markets. European Commission chief Jean-Claude Juncker praised Draghi's ability to spread calm and confidence.
Draghi: "It's time for more euros"
Today's Bundestag President Schäuble denied that he and Draghi had been opponents. Both had different tasks and they did not always agree. Her personal relationship was good, he had always respected Draghi and the independence of the central bank.
In the fight against mini-inflation and economic weakness in the currency area with its now 19 member states Europe's top currency guard pulled all the stops: zero interest rates, negative interest for parked funds of banks and billionaire bond purchases. In September, the ECB tightened its anti-crisis stance again - against fierce opposition and to the chagrin of savers and banks.
The ECB has always acted under its mandate, Draghi said at the ceremony. He demanded, "It's time for more and not less." Europe must become stronger and take its fate into its own hands. "Sharing risks can help reduce risk," he said.