In doing so, he had to cope with a lack of understanding by important sectors of public opinion. With its balanced and determined decisions to define the Outright Monetary Transactions mechanism and to provide conditional financing to the Greek banking system, the ECB effectively saved the euro. With its bold unconventional policies, the ECB effectively prevented the euro area from sliding into deflation.
It also allowed the time for political agents to adjust their fiscal policies, to adopt structural measures and to agree on institutional improvements needed for a sustainable Economic and Monetary Union. Mario has proven to be intellectually curious and open, looking at facts and questioning theories. He has instilled mental discipline among all of us working with him, and throughout the ECB.