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[THREAD] Mario Draghi’s Greatest Hits, a Best Of.
8 years, 185 speeches, 77 press conferences, several interviews. Any errors, omissions and biases are all mine.
3 November 2011: first press conference.
"Continuity, credibility and consistency are of the essence in the way we carry out our jobs."
ecb.europa.eu/press/presscon… (pics from flickr.com/photos/europea…)
3 November 2011: first press conference.
"I have great admiration for the tradition of the Bundesbank. [...] As for the future, let me do my work and we will have periodic checks as to whether I am in sync with this tradition or deviating from it."
ecb.europa.eu/press/presscon…
8 December 2011: second press conference.
"The answer to the first question is “no”. The answer to the second question is “no”. And the answer to the third question is “we never pre-commit”. So, it is two “noes” and one “never pre-commit”."
ecb.europa.eu/press/presscon…
26 July 2012: Verbatim of the remarks. #WhateverItTakes
"But there is another message I want to tell you.
Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough."

ecb.europa.eu/press/key/date…
6 September 2012: OMT announcement.
"Well, it was not unanimous. There was one dissenting view. We do not disclose the details of our work. It is up to you to guess."
[...]
"I am what I am, really."
ecb.europa.eu/press/presscon…
29 October 2012 : interview with Der Spiegel.
"If we do not resolve the euro crisis, we will all pay the price. And if we do resolve it, we will all benefit, particularly German taxpayers and savers."
[...]
"We couldn't just sit back and do nothing."
spiegel.de/international/…
25 June 2013: speech in Berlin.
"In a speech here in Berlin just 18 months ago, I quoted Erhard’s famous dictum: ‘Die soziale Marktwirtschaft ist ohne eine konsequente Politik der Preisstabilität nicht denkbar’."
spiegel.de/international/…
2 January 2014: interview with Der Spiegel.
"In Latin you say: "Repetita iuvant -- to repeat is beneficial". The fewer changes made in a country, the more often I repeat my messages. And it works."
spiegel.de/international/…
24 April 2014: speech in Amsterdam clarifying the ECB’s reaction function.
ecb.europa.eu/press/key/date…
8 May 2014: press conference
"We never pre-commit – well, that I think finished a long time ago."
ecb.europa.eu/press/presscon…
5 June 2014: press conference following the introduction of a negative deposit rate.
"But from all practical purposes, I would consider having reached the lower bound today."
ecb.europa.eu/press/presscon…
22 August 2014: speech in Jackson Hole.
"Over the month of August [...] the 5year/5year swap rate declined by 15 basis points to just below 2% - this is the metric that we usually use for defining medium term inflation."
ecb.europa.eu/press/key/date…
22 August 2014: speech in Jackson Hole.
"The risks of “doing too little” – i.e. that cyclical unemployment becomes structural – outweigh those of “doing too much” – that is, excessive upward wage and price pressures."
ecb.europa.eu/press/key/date…
24 September 2014: interview with Europe 1.
[In French] "Plus d'Europe, plus d'Europe, plus d'Europe."
ecb.europa.eu/press/key/date…
27 November 2014: speech in Helsinki.
“It would be natural to reflect further on whether we have done enough in the euro area [...]. But it is also clear that… this could only take place in the context of a decisive step towards closer Fiscal Union."
ecb.europa.eu/press/key/date…
22 January 2015: press conference.
"I have some jokes that I could make at this point in time, but [..] I’d just rather avoid jokes on this. I mean, the overall situation of inflation, inflation developments, doesn’t allow us to make these jokes."
ecb.europa.eu/press/presscon…
22 January 2015: press conference (APP announcement).
"We did OMT. We did the LTROs. We did TLTROs. And somehow this runaway inflation hasn't come yet.
Also for the people who say that there will be inflation, yes, when, please? Tell me, within what?"
ecb.europa.eu/press/presscon…
23 March 2015: Hearing at the European Parliament.
[Responding to a MP accusing the ECB of blackmailing Greece] "Let me disagree with you about almost about everything you said."
ecb.europa.eu/press/key/date…
20 November 2015: speech in Frankfurt.
"If we decide that the current trajectory of our policy is not sufficient to achieve our objective, we will do what we must to raise inflation as quickly as possible."
ecb.europa.eu/press/key/date…
4 December 2015: speech in New York.
"There cannot be any limit to how far we are willing to deploy our instruments, within our mandate."
[...]
"to bring inflation back to 2% without undue delay."
ecb.europa.eu/press/key/date…
21 January 2016: press conference.
"We don't give up."
ecb.europa.eu/press/presscon…
10 March 2016: press conference (QE expansion, CSPP, TLTRO-II).
"Suppose we had not acted at all. Suppose we had embraced what two years ago I used to call the “nein zu Allem” policy strategy, so do nothing. What would be the counterfactual?"
ecb.europa.eu/press/presscon…
21 April 2016 : press conference following Schäuble’s attack ("be very proud").
"We obey the law, not the politicians, because we are independent, as stated by the law."
ecb.europa.eu/press/presscon…
8 December 2016: press conference.
"Tapering has not been discussed today." (6 times)
ecb.europa.eu/press/presscon…
27 June 2017: speech in Sintra.
"All the signs now point to a strengthening and broadening recovery in the euro area. Deflationary forces have been replaced by reflationary ones."
ecb.europa.eu/press/key/date…
25 January 2018: press conference.
"Now, can we declare victory? The answer is no, not yet."
ecb.europa.eu/press/presscon…
14 March 2018 : ECB Watchers conference.
"Monetary policy will remain patient, persistent and prudent."
ecb.europa.eu/press/key/date…
22 February 2019: speech in Bologna.
"Independence does not guarantee sovereignty."
ecb.europa.eu/press/key/date…
27 March 2019: ECB Watchers conference.
"We need to reflect on possible measures that can preserve the favourable implications of negative rates for the economy, while mitigating the side effects, if any."
ecb.europa.eu/press/key/date…
18 June 2019: speech in Sintra.
"In the absence of improvement, such that the sustained return of inflation to our aim is threatened, additional stimulus will be required."

"The limits we establish on our tools are specific to the contingencies we face."
ecb.europa.eu/press/key/date…
12 September 2019: press conference (open-ended QE).
[Following the longest answer to the first question ever]
"I think I will stop here."
ecb.europa.eu/press/presscon…
12 September 2019 (cont.)
"If fiscal policy had been in place, the side effects of our monetary policy would be much less, the action of our decisions today would be much faster and therefore the need to keep in place some of these measures would be less."
ecb.europa.eu/press/presscon…
30 September 2019: interview with the FT.
"To have a stronger EMU we need a common eurozone budget. Clearly the political debate on that still has a long way to go. But I am optimistic."
ecb.europa.eu/press/inter/da…
11 October 2019 : speech in Milan.
"Alignment between policies, where needed, must serve the objective of monetary stability and should not work to the detriment of it."
ecb.europa.eu/press/key/date…
That's it. Waiting for the last one on Thursday.

Farewell to you Mr. President.
Thank you on behalf of 340 millions citizens.
And be proud, be very proud!

/end
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Frederik Ducrozet
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