(Pictured: Mario Draghi, Source: Getty Images)
Talking at a European Central Bank (ECB) press conference, ECB president Mario Draghi insists that he has to crack a joke while answering one question. He complains that he has to deal with a regular 'angst of the week' as there are weekly angsts directed at the ECB.
"Angst of the week" from Draghi now. Almost doing stand up here. Showboating.— Owen Callan (@OwenCallan) March 7, 2013
One question highlighted how little we know about the Outright Monetary Transactions (OMT). In his question the Financial Times' Michael Steen noted that perhaps all we have on the mechanism is a 440 word statement. Draghi said that it was straightforward and well understood.
Why does Draghi keep saying we know the rules of the OMT? We don't--he has been so vague it's impossible to know.— Megan Greene (@economistmeg) March 7, 2013
Draghi hits the nail on the head in another answer however, recognising that there is a lot of political capital tied up in the single currency. Many egos would be bruised by an admission that the project has failed.
Euro-zone economy is getting worse, no fiscal policies changing, no monetary policies changing, but all of the sudden, situation will change— Christopher Vecchio (@CVecchioFX) March 7, 2013
That is illogical, through and through.— Christopher Vecchio (@CVecchioFX) March 7, 2013