A new legal challenge to the ECB's mandate

As with its intervention to do 'whatever it takes' to save the euro, there are serious doubts about whether the ECB has a legal mandate to deal with the region's banking mess.

Two years ago, three words by the European Central Bank’s President Mario Draghi ended the panic around the euro crisis: “Whatever it takes”. When Draghi said these words at an event in London -- meaning that his institution was prepared to use unconventional (and potentially unlimited) ways to stabilise the euro system -- it halted the escalating crisis. But it did not solve any of its underlying problems.

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