5/6  BIS central bankers' speeches  When President Draghi said the famous words “whatever it takes” in 2012…  …when he promised in the summer of 2012 to do whatever it takes, within the limits of the ECB’s mandate, to preserve the euro… …the message was clear: the ECB stands ready to safeguard the integrity of the euro.
Monetary policy is not an isolated tool and it does not operate in a political vacuum, separate from the rest of the world. It interacts with fiscal policy and also with structural policies. We don’t live in an ivory tower. But at the same time monetary policy is not almighty. Take the trade dispute or Brexit, which have economic consequences.