Eurozone policy was ‘backward' in the financial crisis, says Draghi

Eurozone crisis was exacerbated by ‘pro-cyclical' sequence of policy measures

Mario Draghi

At the height of the euro crisis in 2010 and 2011, eurozone policy-makers took actions in "almost the reverse sequence" that would, in hindsight, have been optimal – according to a lecture delivered by ECB president Mario Draghi in Paris this afternoon.

Draghi, who took over at the European Central Bank (ECB) in November 2011, said that "with the benefit of hindsight", a sequence of actions akin to how the US dealt with its banking sector following the collapse of Lehman Brothers might have been

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