Last month marked an important anniversary. On July 26, 2012, the European Central Bank’s relatively new president, Mario Draghi, famously declared that, “the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.” It was a brilliant (and apparently ad-libbed) move, furnishing Draghi with his well-deserved reputation as the saviour of the euro. But just five days before the anniversary, the ECB announced another potentially game-changing move. With its new Transmission Protection Instrument (TPI), it will seek to reduce the spreads between member-state government bonds in cases where yields are being driven up by market pressure or speculation, rather
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