Mario Draghi leaves the European Central Bank this week as a different institution to the one he took charge of eight years ago.
Thursday’s ECB meeting will be Mr Draghi’s last. He is widely known for having shored up faltering support for the euro. But his legacy also extends to the central bank’s balance sheet, which is much larger, the bond markets, where yields are near record lows, and inflation, which is still well below target.
Frederik Ducrozet, a strategist at Pictet Wealth Management, said Mr Draghi had transformed the institution “into a modern central bank” by “using a broad, innovative, efficient and flexible toolkit of unconventional policy measures”.
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