Sajid Javid has become the doormat Chancellor

Mario Draghi, who retired as president of the European Central Bank this week, was arguably the first holder of that office to win international respect for himself and his institution. The ECB’s founding chief, the downbeat Dutchman Wim Duisenberg, was undermined on all sides but especially by the French — who eventually succeeded in replacing him with their own Jean-Claude Trichet, whom no one remembers for much beyond meddling and posturing and the acquittal from scandal at home that freed him to take up the ECB job in the first place. But former Goldman Sachs executive and Italian central bank governor Draghi wrote himself into history on 26 July 2012, nine months after he took over from Trichet, with his promise to a gathering in London that: ‘Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.