Thursday, January 22. This date should remain engraved in the history of the euro area as the day when the European Central Bank (ECB) has pressed the nuclear button of monetary policy. As the day of the victory of his Italian boss, Mario Draghi, the most orthodox of its Monetary Policy Committee. Since the day she finally announced that the Eurosystem would massively buy public debt markets to flood the economy of its euro and try and fight against deflation that threatens to break the fragile European recovery. Little known to the general public, the action of the ECB has been crucial since the beginning of the crisis. At least as much as the wobbly compromise the Member States of the euro area to establish a banking union or a permanent rescue fund for the euro zone. In summer 2012, one little sentence Mario Draghi had been enough to stop the panic and market speculation on sovereign debt. The question is whether the printing of the institution in Frankfurt can now revive the European economy.
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