The flight of the European bumblebee

The euro may not become the “real bee” that the ECB wants, but Europe should continue to take small, important steps

In July 2012, while addressing bankers in London, the president of the European Central Bank (ECB), Mario Draghi, likened the euro to the bumblebee. “This is a mystery of nature, because it shouldn’t fly but instead it does. So the euro was a bumblebee that flew very well for several years.” But “something must have changed”. So the “bumblebee would have to graduate to a real bee. And that’s what it’s doing.”

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