After 26 July 2012, ‘whatever it takes’ became a catchphrase. It supplies a form of fiscal policy through its targeted bond buying and related programs. What worse judgment. It is intended to project resolve, determination and strength. Pierre Briançon Comments. 31 January 2020, Berlin: Former ECB President Mario Draghi talks to Chancellor Angela Merkel (CDU) “Whatever-It-Takes” – now there’s a marvelously ordinary phrase, but also, as everyone knows, a magical one, once, and maybe now again magical, as we hear it suddenly everywhere, a reassurance, a solemn pledge, a The history of the phrase is almost well-known enough to defy any need for further elaboration. The Eurozone Crisis was forbiddingly complex, a mess of sovereign default possibilities involving the debt of half a dozen European countries, knock-on threats to major European banks that happened to be holding that debt, and at the pinnacle of the house of cards, the heretofore-untested Euro, a currency without a country, or with too many countries, and no clear sponsor. His name is linked to it forever.
„Im Rahmen unseres Mandats ist die EZB bereit, alles Notwendige zu tun, um den Euro zu erhalten. You can watch the video and what will probably strike you is how little drama these words convey in the live moment. I am the Executive Director of the Hanlon Financial Systems Research Center at Stevens. The German/Italian bond spread widened. The U.K. government will do “whatever it takes” to support the economy in these times of trials, Prime Minister Boris Johnson “We will do whatever it takes. QE is a conceptually simple: the central bank goes into the market, like any other trader, and buys bonds, in huge quantities. Draghi said that "within our mandate, the ECB is ready to do whatever it takes to preserve the euro. First – This was what Draghi meant by Whatever-It-Takes, as it turned out: a massive and coordinated program of QE, to compensate for the fact that there is no federal fiscal policy in the EU.
One pundit has put it this way, elegantly: But this is too vague. I was the chairman of an engineering joint venture with the advanced development arm of the Israeli military, Rafael. [...] Das, was wir hier machen ist erstmal - ich weiß nicht, ob man das hier sagen kann - aber das ist die Die Pressekonferenz wurde in Medien etwa als Scholz' persönlicher "What-ever-it-takes-Moment" oder als das "Whatever it takes" der Bundesregierung bezeichnet. Above all, it is a warning that governments will accept no limit to their actions, that previous rules won’t apply — whether fiscal or even legal — and that they are ready to invent remedies that would have been inconceivable in better times.But whereas the impact of Draghi’s speech at the time was immediate — because central bankers can act through words alone — and brought calm to the markets and strengthened the euro
I have been the audit committee chairman for several public companies, and managed a wide range of capital raising projects, including public offerings, and many private financings.
If Draghi’s QE policy was a coup, this is the countercoup, or as one (German) expert put it – “a declaration of war.” The ECB’s Governing Council announced (icily) that it “takes note” of the Court’s ruling, but that it “remains fully committed to doing everything necessary.” Whatever-It-Takes is still in place. We take a look back and pay tribute to his words.
“Whatever It Takes” will be on Mario Draghi’s tombstone. To this day we are reaping the fruits.
Draghi said it, in 2012, and yes, it was passing comment – some have alleged even an improvised comment – tossed off to a roomful of finance men at a lunch in London. How could it be otherwise?