Draghi's 'Whatever It Takes' Speech Stabilises the Euro

European Central Bank President Mario Draghi declared at a London conference that the ECB would do 'whatever it takes to preserve the euro,' adding 'and believe me, it will be enough.' This single statement, backed by the subsequent Outright Monetary Transactions (OMT) programme, reversed the trajectory of the Eurozone debt crisis. Italian and Spanish bond yields immediately fell, and no country required a sovereign bailout after this point. The ECB's commitment was later upheld by the European Court of Justice.