*** My first lesson concerns a timely and decisive reaction from central banks around the globe to a financial shock and risk aversion to prevent a full-fledged financial crisis. As the financial shock hit during the first weeks of the pandemic, the central bankers were initially focused on adopting measures to restore the orderly functioning of the financial markets.
You are the biggest creditor of many euro area countries; you are the chief banking supervisor and are designing a new structure for the euro area alongside the President of the European Council, Herman Van Rompuy. Would it be wrong to call you the most powerful man in Europe? Draghi: That is certainly not the way I see myself.