Should-Read: Mike Bird and Christopher Whittall: The Speech That Transformed European Markets—Five Years Later: “European Central Bank chief Mario Draghi…. ‘Within our mandate, the ECB is ready to do whatever it takes to preserve the euro and believe me: It will be enough’… https://www.wsj.com/articles/the-speech-that-changed-european-marketsfive-years-later-1501061404

…The speech is seen as pivotal…. Perceptions that a country would exit the eurozone in short order never returned to the heights that they reached in the summer of 2012. (And the ECB has never used the “outright” tools it developed.)… “‘Whatever it takes’ was a defining moment for the market, the turning point in terms of fighting the crisis, when the redenomination risk was priced out of government bonds,” said Matthew Cairns, senior strategist at Rabobank. “But even now, growth has really yet to pick up to the levels that the ECB would like to see it at”…