After eight tumultuous years, the President of the European Central Bank, Mario Draghi, will retire at the end of October. For many, his legacy will be the carefully chosen words and the effectively crafted actions widely credited with saving the euro. Often overlooked today, the initial omens for the new ECB President were far from promising. Confronted by punitive bond yields in the euro-zone periphery and stubborn orthodoxy in the euro-zone core, the early months of his tenure proved a tortuous and largely thankless balancing act. The fears of both pressured peripheral debtors and hawkish core creditors continued to mount…

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