"Never give up!": Mario Draghi’s lesson after 8 years at Europe's most important financial institution. No surprises during his last meeting. Interest rates stay put at 0%. Christine Lagarde takes over in a few days
The European Central Bank has left its benchmark refinancing rate on hold at a historic low of 0%. The move comes days before chief Mario Draghi is expected to step down.
The European Central Bank's first female president inherits an almost empty toolbox from her predecessor — at a time when persistently low inflation and weak growth are showing the limits of monetary policy.
Described by US economist Paul Krugman as "[arguably] the greatest central banker of modern times," Mario Draghi served as head of the European Central Bank from 2011 to October 31. He leaves a mixed legacy.
Political leaders have wished incoming ECB chief Christine Lagarde a good start as the new guardian of the euro. They also thanked Mario Draghi for protecting the currency during the global financial crisis.
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