"The ECB will do whatever it takes to save the euro," said Mario Draghi in 2012 when the region's economic pillars were crumbling. The Spanish risk premium hit a historic high two years ago this month at 638 basis points, and today it is a light 141.
The Spanish stock market has also recovered nicely. In the summer of 2012, the Ibex dipped to its lowest point during the crisis. Since then, major companies listed on the stock market have increased their market capitalization by 200 billion euros. Draghi's statement, combined with prudent management from Prime Minister Rajoy when he decided to not ask for a bailout, were key to the improvements. Although we still have a lot of work to do and should try hard to keep the deficit and national debt down, indicators suggest that the economy is entering a new and positive phase.
