Darius McDermott: Five years of 'whatever it takes'

When it comes to famous one-liners, central bankers rarely make the cut. Five years ago, however, Mario Draghi's "whatever it takes" entered the tough guy pay-off hall of fame alongside the likes of Arnie's "I'll be back" and "Hasta la vista, baby" - well … sort of. In certain circles at least, Draghi has acquired a notorious sort of ‘quotability' and his words are awaited as avidly as any Terminator sequel. So when he announced at the end of last month that "deflationary forces have been replaced by reflationary ones", markets took note. The euro rose, European government bond yields...