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ECB President Mario Draghi. © World Economic Forum

Two years ago, the worst of the eurozone crisis seemed over. Under great market pressure, Mario Draghi, President of the European Central Bank (ECB), had promised to do “whatever it takes” to prevent the single currency from being torn asunder by capital outflows from Spain, Italy and other troubled economies. By offering to buy government bonds in those economies through the new Outright Monetary Transactions programme, Draghi ended the speculative attack on the system without…

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