In July 2012, in the midst of renewed fears about sovereigns in the eurozone, Draghi stated in a panel discussion in London that the ECB "...is ready to do "whatever it takes" to preserve the Euro. And believe me, it will be enough." This statement led to a steady decline in bond yields for eurozone countries, in particular Spain, Italy and France. In light of slow political progress on solving the eurozone crisis, Draghi's statement has been seen as a key turning point in the fortunes of the eurozone.