ECB head Draghi saves Eurozone

The head of the ECB, Mario Draghi, took up his post three months ago in the midst of the European debt crisis. With one of his first acts in office Draghi has temporarily saved the euro, writes the liberal business paper Les Echos: "In particular the introduction of the Long Term Refinancing Operation shows that the novice has quickly become emancipated. This loan provided to European banks for three years at an interest rate of one percent is in fact unique. In view of its first results it seems to be very efficient. At the end of December 500 billion were pumped into the banking system in this way - a double success for Mario Draghi: by providing more oxygen for the ailing banks he has not only saved the continent from a catastrophe but also - at least for the time being - answered the tricky question of how the euro countries are to be financed."

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