On Tuesday 18 June, at the ECB's annual forum in Sintra, Portugal, the President of the European Central Bank (ECB), Mario Draghi, promised that, as the financial and debt crises in the euro area had shown, “If the crisis has shown anything, it is that we will use all the flexibility within our mandate to fulfil our mandate – and we will do so again to answer any challenges to price stability in the future”.
This statement, which recalls the wording ‘whatever it takes’ used at...