Draghi says ECB has not compromised its ‘ordoliberal' principles

Mario Draghi

Mario Draghi, president of the European Central Bank (ECB), today insisted the ECB has not violated its "ordoliberal principles" by taking some credit risk onto its own balance sheet, through its long-term refinancing operations (LTRO) and outright monetary transactions (OMT).

Draghi told a conference in Israel in honour of outgoing Bank of Israel governor Stanley Fischer that the monetary constitution of the ECB is firmly grounded in the principles of ‘ordoliberalism', particularly two of its

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