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Draghi's announcement to rescue the euro in 2012 won confidence in financial markets and stopped the bleeding of the euro zone debt crisis. Investors appreciate his courage to open a new policy bureau, skillfully handle internal and external opposition, and also like his clear communication with the outside world of the ECB ideas.
Economic growth and inflation have fallen again, and the ECB's policy ammunition depot has been exhausted. Whoever succeeds Draghi is afraid to have the same courage as him. The growing doubts about economic policy orthodoxy, including monetary policy models, may pose an additional test for the new ECB president.
Mohamed El-Erian, chief economic adviser to Allianz, said that when the ECB faced a slowdown in economic momentum, it would create great uncertainty if it mishandled the issue of Draghi's successor.
"The challenges facing the next ECB president have become enormous, coupled with concerns about the decline in the effectiveness of unconventional monetary policy," said Long-term Central Bank observer Il Ellang.

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