Europes Factories Close to Contraction

The video discusses the global stock market decline, with Europe being the worst hit. The European Central Bank (ECB) is taking measures to counter the economic slowdown, as growth in manufacturing and services has weakened. ECB Chief Mario Draghi emphasizes the need for unconventional instruments to address risks of low inflation. The ECB is transitioning from passive credit provision to active balance sheet management. Recent manufacturing data shows the euro area on the verge of contraction.

What are the implications of high unemployment and weak credit growth on economic recovery?

What does Mario Draghi mean by 'whatever it takes' in the context of economic policy?