Mario Draghi: A lot of political capital tied up in the Eurozone

(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.

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.

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.