"whatever it takes" speech
E596581
The "whatever it takes" speech is Mario Draghi’s landmark 2012 pledge as European Central Bank president to do everything necessary to preserve the euro, widely credited with calming the eurozone debt crisis.
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
monetary policy communication
ⓘ
speech ⓘ |
| addressedTo |
euro area governments
ⓘ
financial markets ⓘ investors ⓘ |
| audienceType | investors and policymakers ⓘ |
| context | eurozone sovereign debt crisis ⓘ |
| currencyConcerned | euro ⓘ |
| date | 2012-07-26 ⓘ |
| deliveredBy | Mario Draghi NERFINISHED ⓘ |
| deliveredInRole | President of the European Central Bank ⓘ |
| economicImpact | lowered financing costs for stressed euro area sovereigns ⓘ |
| event | Global Investment Conference in London NERFINISHED ⓘ |
| historicalSignificance |
credited with averting a breakup of the euro area by many observers
ⓘ
example of the power of central bank forward guidance ⓘ |
| immediateEffect |
fall in yields on Italian government bonds
ⓘ
fall in yields on Spanish government bonds ⓘ reduction in borrowing costs for several eurozone countries ⓘ |
| influenced |
market expectations about ECB intervention
ⓘ
subsequent ECB communication strategy ⓘ |
| issuerOrganization | European Central Bank NERFINISHED ⓘ |
| language | English ⓘ |
| legalConstraintMentioned | within the ECB mandate ⓘ |
| location |
London, England
ⓘ
surface form:
London
|
| longTermEffect |
stabilization of the eurozone debt crisis
ⓘ
strengthening of confidence in the euro ⓘ |
| mainQuote | Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. ⓘ |
| mainQuoteContinuation | And believe me, it will be enough. ⓘ |
| mediaDescription | "whatever it takes" pledge ⓘ |
| nickname | whatever-it-takes pledge ⓘ |
| perception |
landmark central bank communication
ⓘ
turning point in the eurozone crisis ⓘ |
| policyFollowUp | announcement of Outright Monetary Transactions (OMT) programme ⓘ |
| policyTypeSignaled | unlimited purchases of sovereign bonds under conditions ⓘ |
| politicalImpact | reduced speculation about eurozone breakup ⓘ |
| purpose |
to calm financial markets
ⓘ
to reduce sovereign bond yields in stressed euro area countries ⓘ to signal strong commitment to preserving the euro ⓘ |
| regionConcerned | euro area ⓘ |
| relatedCountryGroup | eurozone member states ⓘ |
| relatedCrisis | European sovereign debt crisis ⓘ |
| relatedInstitution | European Central Bank Governing Council NERFINISHED ⓘ |
| riskAddressed |
redenomination risk of the euro
ⓘ
self-fulfilling panic in sovereign bond markets ⓘ |
| subjectMatter |
financial stability
ⓘ
monetary policy ⓘ sovereign bond markets ⓘ |
| year | 2012 ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.