By Klaus-Rainer Jackisch, HR
The European Central Bank has launched the final battle for the euro rescue. Surprisingly, ECB President Mario Draghi announced last week that the central bank would do everything it could to save the common currency: "And believe me. That will be enough," he said. Strong stuff!
What many initially saw as a master plan for the monetary authorities is increasingly turning out to be a fiasco. Because the announcement of measures was apparently not discussed in the Governing Council. The way in which Draghi initiated his decision is also highly dubious: at an investor conference in London of all places. The was teeming with speculators betting on the end of the euro. Here he just casually announced that the euro would be saved. The wrong place. The wrong audience. The wrong message. The stock market cheered. But such drastic measures, which taxpayers have to bear, belong on the table at an ECB meeting and on the program of the subsequent press conference – not in the dark porch in the lion’s den.