Bracing for the coming pressures by preparing a defence system at peaceful times and investing in stability during turmoil, the country’s gross foreign exchange reserves were preserved at an adequate level, measured by all criteria, while in net terms, they increased from EUR 6.6 billion at end-2012 to EUR 8.4 billion at end-2016.
It was the final step in the process of making the ECB a modern central bank since Mario Draghi’s “whatever it takes” speech. The ultimate reason for the strategy review was the emergence of profound structural changes in the euro area and the world economy.