If 2012 is China’s Year of the Dragon, for Europe, it may be The Year of the Draghi.
European Central Bank President, Mario Draghi, has received plaudits for the steps he’s taken to fix the banking crisis.
Some tangible signs of recovery may already be emerging, according to Draghi:
“In the last few months, we’ve observed a fantastic progress, in improving the fundamentals in many countries, in taking care of the fiscal consolidation in starting to address structural reforms so that I would say the merit of the credit of these countries which have gone down now is going up, now it’s improving and the overall situation of the euro will look much better in 2012.”
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To that end, banks are being offered unlimited funds, at cheap rates, for an unprecedented three years.
It may not address underlying problems like the risk of sovereign default. But it drastically reduces the prospect of another credit crunch.
And this is important.
Dennis Nally, chairman of PricewaterhouseCoopers, believes a eurozone recovery is critical to global recovery:
“By and large, the eurozone has been a significant success. It’s allowed countries to really compete in this global economy, which is, I think, so important. I’d hate to think of the consequences without the eurozone from an economic standpoint.”
So Europe matters. Hugely.
And in Draghi – perhaps the most influential central banker in the world right now – it may have the man to help drag it back up.
Otherwise, the Chinese Dragon may lose some of its fire. Which would be bad news for the rest of the world.