Tomorrow, 26 July, the ECB's governing council will gather for a rather uneventful meeting according to almost all market participants including us, see ECB Preview - Cruising to the end of QE , 20 July 2018 . What some people may have forgotten is that on this exact day, six years ago, 26 July 2012, ECB president Mario Draghi said what is likely to be the most important words in recent European monetary policy history: 'Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.'
Since the famous words, ECB has taken a number of initiatives, and with its boldest project, the asset purchase programme, anticipated to conclude by the end of the year, we present key charts on how the economy has evolved and how ECB has fared since then (key events on the right). The vertical line on each chart indicate the timing of the famous words.
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