Back in 2012 this might have triggered anxiety in Rome, Madrid and Lisbon. But now there was no contagion. The ECB was unfazed. As Draghi remarked: “We have enough instruments at this point in time...which although they have been designed for other purposes would certainly be used at a crisis time if needed. . . . We are better equipped than we were in 2012, 2011 and 2010.”
