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Economists surveyed by Lusa praise Mario Draghi's tenure at the head of the European Central Bank (ECB), such as the commander of a ship that prevented the sinking and "passed the storm's head", but also as a statesman and creator of consensus.
João Duque, professor at ISEG – School of Economics and Management of Lisbon, told Lusa that "Draghi has been facing a challenge never before realized and exceeded it."
"We were like the Titanic colliding with the iceberg, but unlike the unfortunate ship, he was able to avoid the obstacle." And the size of the ship and the material damage would be hugely more important, "said the economist, adding that" in the face of adversity, Draghi and his team have successfully passed the Storm course. "
However, John Duke warned that "the storm has not yet passed and new clouds are springing up in the sky, but the big storm has been defeated".
Moreover, Ricardo Cabral, professor at the University of Madeira, "drew a very positive overall assessment" of Mario Draghi's eight years at the head of the European Central Bank (ECB), saying that he was "the best president of the short history" of the institution.
"In my opinion, one of the few statesmen that the Eurozone has known over the past decade, arguably the brightest of European policymakers, at a stage in the history where the vast majority of these decision makers have not triumphed for their foresight, "he said. However, Draghi "would have been brilliant, even if the other European decision makers had been much better".
According to Ricardo Cabral, the President of the ECB has demonstrated "a high level of knowledge and technical expertise on the details and nuances of monetary policy", as well as "a great capacity to build (political) consensus within and outside the ECB, despite the rather constructive opposition of the Bundesbank President, Jens Weidmann. "
The economist also pointed out that Mario Draghi "was able to convince other decision-makers of the ECB of the virtues of his proposals" and had "the insight and the ability to distance himself from a strict reading of management problems monetary policy and day-to-day management to decide, defend and promote the necessary measures to save the euro. "
Joaquim Miranda Sarmento, professor of finance at ISEG, stressed that "Draghi's mandate has been implemented during the most difficult period of the history of the euro and the European Union itself "and stressed that" Draghi's performance was essential in 2012 said that to save the euro, the ECB would do "all that is needed" [o que fosse preciso]".
The economist however felt that since 2015, the current ECB president had raised the monetary policy of the euro to an unknown level thanks to the policy of "quantitative easing" (extensive program of # 39; asset purchase launched in 2015 to stimulate the economy). .
"It's impossible to know the counterfactual of any other kind of performance, but in the end, I think Draghi's mandate is downright positive, even though I'm worried about this excess liquidity and low interest rates. interest for a long time and on very long maturities, "said Joaquim Miranda Sarmento, stressing that" one of the risks of a future The crisis comes precisely from this unconventional performance of central banks. "
Luís Campos e Cunha, professor at the New School of Business and Economics and former finance minister, also said in a written statement to Lusa that "Mario Draghi was an excellent president of the ECB".
"I met him when he was chairman of the Economic and Financial Committee about 20 years ago, and I must say that his performance at the ECB was, for me, a pleasant surprise," he said. declared the former leader.
According to Ricardo Reis, professor at the London School of Economics, "Mario Draghi saved the euro with his speech and his actions and policies decided between 2012 and 2014".
However, according to Ricardo Cabral, the balance sheet of other decisions and positions of Mario Draghi is negative, "although partially understandable because of the way in which decisions are adopted in the euro area".
According to the professor of the University of Madeira, "bring his lady to port", that is to say implement the quantitative expansion program, "Mario Draghi will have decided to support d & # 39; Other harmful economic policies around which the authorities have agreed to reach a consensus "especially with regard to the austerity policy and the fiscal compact".
He also stressed that the president of the ECB was "a champion of the banking union" and had given his "consent to concrete cases of application of resolution measures to banks in peripheral countries, which had very negative effects on the economies of these countries, Portuguese economy ".
Mario Draghi is in Portugal to participate in his latest edition of the ECB Forum as president of the institution, under the slogan of 20 years of the euro area.
Mr. Draghi's term ends on October 31st. The most popular names to succeed him are the governor of the Banque de France, François Villeroy de Galhau, ECB Executive Board member Benoît Coeuré, the governor of the Bank of Finland, Olli Rehn. and his predecessor, Erkki Liikanen, and the president of the Bundesbank (the German central bank), Jens Weidmann.
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