“If conditions deteriorate sharply, markets will demand another grand statement of intent.”

Frederik Ducrozet is a global strategist with Pictet Wealth Management in Geneva.

Credibility inevitably raises the question of Mr Draghi’s successor. The biggets challenge he or she will face may not be to ease or to normalise monetary policy but to maintain trust in the euro’s most important institution.

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This article was published in the Financial Times, Markets & Investing, Tuesday 18 June 2019.