Draghi leaves Europe in a recession, the ECB without ammo, a wealth divide unlike any seen since the Great Depression, and his successor facing an unprecedented revolt across the ECB's governing counsel.

In short, his legacy is nothing short of catastrophic, although his advocates will quickly chime in: he managed to kick the can for 8 years. Well, he sure did, and in the process made the accumulated imbalances, and the coming crisis, that much worse.

During his 8 years in charge, the Euro Area eventually emerged from a period of sovereign debt crises and saw unemployment drop to 7.4%, its lowest since May 2008. However, inflation proved too stubborn to return to target (averaging 1.19% over the period), standing at just +0.8% in September, while five-year forward five-year inflation swaps standing at 1.202%, just shy of all time lows...