Mercoledì, 19 Settembre 2018

New York Times praises ECB's 'Super Mario' Draghi


(ANSA) - New York, September 11 - "Super Mario to the
Rescue" reads the headline on a New York Times column praising
European Central Bank chief Mario Draghi for his latest plan to
help struggling eurozone nations survive the debt crisis.
The editorial, which ran Sunday in the New York Times and
Monday in the International Herald Tribune, compares Draghi to a
star soccer player able to dodge through opposition and turmoil
to achieve his goals.
"I prefer to see him as Andrea Pirlo, the Italian
midfielder with 360-degree vision, never hurried, always
assured, master of the short and the long pass, bane of Germany,
a fantasist who hits the target with precision," reads the
It particularly praised Draghi's ability to overcome German
opposition to see his bond-buying plan come to life, describing
how "Super Mario" is able to undo Germany "...with a series of
feints that have left hardline Bundesbank bruisers looking as
nimble and effective as beached whales," reads the editorial.
"Little by little, Mario Draghi, the Italian president of
the European Central Bank, has taken an institution whose
overriding mission was to keep inflation in check...and turned
it into a lender of last resort prepared to throw everything
into buying the distressed euro-zone sovereign debt of countries
like Spain and Italy and so preserve the euro".
Led by Draghi, the ECB announced last week an unlimited
bond-purchase program in order to better manage interest rates
in the euro area and provide some protection for the common
currency by countering financial-market speculation about the
euro's future.
An "appropriate conditions" clause tells governments in
troubled countries, including Italy and Spain, that they must
formally request assistance under the program and live with
whatever stringent conditions may be imposed.
That means ECB bond purchases would be conditional on
governments signing up to a European Financial Stability
Facility or European Stability Mechanism programme.

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