Mario Draghi has led the European Central Bank for nearly three and a half years. Since then, the Italian has left no stone unturned in his efforts to keep the currency union together.
Now, with his zero-interest policy, his billions in support for banks and a government bond-buying program to start in March, Mr. Draghi hopes to prevent the euro zone’s northern and southern partners from drifting apart.
But it is not the weaker countries of the south that are primarily profiting from his actions. His monetary policy is a stimulus for Germany, the strongest national economy on the continent by far.
Thanks to the expansive monetary policy, German finance minister Wolfgang Schäuble can refinance at no charge on capital markets. Also, Germany’s export-heavy economy profits more and more because the euro is so weak.