How can one avoid the reduction of monetary support causing panic on the markets? The choices available to the ECB are too often caricatured by its observers. Some fear that we might traumatise the financial markets if we turn the dial of monetary policy by a millimetre, while others prescribe a forced march towards normalisation. The reality is quite different.
Mario Draghi: Unveiling of the new € banknote Speech by Mr Mario Draghi, President of the European Central Bank, at the ECB’s unveiling of the new € banknote, Frankfurt am Main, 24 February 2015. *  *  *  Ladies and gentlemen, Welcome to the unveiling of the new € banknote.