Thus, the central bank again tightened its ultra-loose monetary policy at the end of the term of office of ECB President Mario Draghi. The eight-year term of the Italian ends on 31 October 2019.
The media critically assess Draghi's monetary policy package – and especially its successor, Christine Lagarde, faces a difficult task. Above all, foreign media commends the overall performance of the ECB President.
"Neue Zürcher Zeitung" – "The ECB boss was spared a shame shortly before the resignation"
The Swiss daily sees in the adopted package of measures of the ECB one thing above all: actionism. "What the monetary authority presented measures on Thursday may well be called actionism," comments the NZZ,
Not only are interest rates on bank deposits at the ECB pushed even lower into negative territory, the newspaper writes. The ECB also makes it easier for the eurozone countries to continue their debt policy with even cheaper money through the government and corporate bond purchase program, according to the NZZ.
Doubts were also raised in the Governing Council, but the opposition was too weak in the decision. "The ECB boss remained a shame."
"Süddeutsche Zeitung" – "Mario Draghi has lost his temper"
Draghi has for too long held on the policy of cheap money, writes the "Süddeutsche Zeitung" (SZ). With his package of measures he wanted to slow down the economic downturn. "But well meant is done badly in this case", comments the SZ,
"He wanted to give the euro states time for the necessary economic policy reforms and changes in, for example, the banking industry. But they were partly waiting, some politicians disappointed him again, "the newspaper continues – and raises a key question:" What if Donald Trump's trade war really plunges the world into a deep recession? "Then you would have the economy stimulate through interest rate cuts. But that would not work if the interest rates are already at zero, says the SZ.
"Wall Street Journal" – His legacy is an intact euro zone
Besides all criticism praises the US newspaper to the end of his term, especially the legacy of Mario Draghi: an intact euro zone. This was a remarkable achievement given the challenges facing the currency and its members.
Nevertheless, the Wall Street Journal sees Draghi's successor facing a difficult task, should Europe's economy fail to grow again, allowing Lagarde to return to positive interest rates.
"Financial Times" politicians owe a lot to Draghi
Mario Draghi has already earned his place in the Temple of the Great Europeans for the British newspaper. His willingness to revise the currency rules would have saved the euro after the 2008 crash. "If the single currency had collapsed, much of the architecture of European integration would have gone with it after the war," comments the FT, National politicians owe much to Mr. Draghi.
"Blomberg" – Draghi's master class to keep the euro project afloat
Mario Draghi had something for everyone on Thursday, says the US agency for business news. Most importantly, Draghi would give his successor Christine Lagarde a lot of leeway.
"At his penultimate ECB meeting, Draghi has given another master class to keep the euro project afloat," writes Bloomberg. With no coordinated fiscal package from the euro-zone governments, his financial skills were invaluable.
If Lagarde can somehow persuade European leaders to finally get serious fiscal stimulus, it could even work. Italy is already benefiting from it. Draghi gave his successor something to work with, Bloomberg said.
Rheinische Post – Europe's savers are the stupid ones
In the opinion of the "Rheinische Post" (RP), the ECB's measures have prematurely spilled its power: "What does it want to do if there is still no success in the near future?" Writes the daily newspaper Düsseldorfer. On the other hand, the savers would remain stupid, and debts would continue to be rewarded.
The monetary authorities in Frankfurt apparently have no idea how they want to free Europe from this dilemma. That leaves bad news, the newspaper said.
"Anyone who wants to repay money for old-age provision will soon possibly be punished in the form of negative interest rates. Those who want to switch to shares may risk a stock tax. At the same time, real estate could be more expensive, rents threatening to rise, affordable housing could be a huge problem for even more people in our country. That creates social explosives, "criticizes the paper.
With agency material.
More: Controversial bond purchases, higher penalty rates: The ECB President announces a historic package shortly before his departure – and thus sets his successor Lagarde on low interest rates.
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