Five years ago Mario Draghi took charge of an ailing euro zone economy by taking over as the president of the European Central Bank. Five years on, the crisis is somewhat under control and analysts have cheered the Italian economist for his reforms and bond-buying programs.
Nonetheless, with ultra-low interest rates and unemployment at stubbornly high levels, investors are constantly speculating as to when the economy will start to normalize.
Holger Schmieding, chief economist at Berenberg Bank, told CNBC via email that the euro crisis was at its worst when Draghi took office and while he faced a number of challenges initially he managed to steer the economy towards growth.
"His first response, offering banks virtually unlimited liquidity at generous terms, did not defuse the situation for good," Schmieding said.
"It did not suffice to re-establish investor confidence in the future of the euro. Only when he dared to tell the world that the ECB would be like other central banks, namely act as a lender of last resort in times of extreme distress, did he get the euro confidence crisis under control. His vow to 'do all it takes' worked like magic."
Schmieding further explained that the ECB's bond-buying programs helped the euro zone economy to recover and enjoy a steady expansion in line with trend growth of around 1.5 percent along with a significant rise in employment and a decline in fiscal deficits.