Very few central bank governors in modern times have taken office in circumstances as bad as those that greeted Mario Draghi when he became the third president of the European Central Bank on November 1, 2011. The ECB’s tightening of monetary policy that year under Jean-Claude Trichet was aimed at focusing the eurozone central bank back on inflation targeting after supporting banks with cash through the crisis. Trichet appeared to be keen to normalise European money markets, and wanted European