The Trader 

Currencies’ 5 per cent band

The Trader

Ex-Bank of Italy governor Mario Draghi took over at the helm of the European Central Bank in 2011 from Jean Claude Trichet who claimed that the great financial crisis (which he too hadn’t spotted) was sorted, raising the key interest rate on his way out. Immediately the PIGS (Portugal, Ireland, Greece and Spain) began to nosedive, threatening the single currency itself, forcing Super Mario to utter the famous words "whatever it takes".

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