“In July 2012, there were more than enough reasons for concern. In my short statement in London, I said that one of the mistakes many people make is to underestimate how much political capital has already been invested in the euro. I was very much aware of that fact.
Just before I made that statement, the political leaders had fully committed themselves to the euro at the European Summit, within the scope of which the Banking Union was created.” Are the OMTs some kind of nuclear bomb, a threat that will never be carried out? “The markets reacted in a way that made it unnecessary to use the programme.