Draghi breaks the ultimate euro taboo

By acknowledging the euro's permeance is not fully credible, the ECB president has invited investors to ask whether his proposed interventions are powerful enough.

When Mario Draghi said on July 26 that a 'convertibility risk' was preventing the smooth functioning of the ECB’s monetary policy across national borders inside the eurozone, he was breaking a taboo which has been stubbornly followed by all of his predecessors in the project to create a durable single currency. That taboo is that no one in the ECB should ever admit that the euro might break apart.

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