24-10-2019
Balance of Draghi's term
The ECB has become a prisoner, it cannot return to a normal monetary policy, rising interest rates would ruin countries like Italy. On the other hand, zero interest rates in combination with inflation causes losses to savers and private banks can no longer generate the necessary returns by granting loans. Draghi says his policy serves only to achieve a steady inflation rate of just under two percent inflation. He missed this target.