QE in the Eurozone: Better Late Than Never

QE in the Eurozone: Better Late Than Never

Two and a half years have passed since Mario Draghi promised to do “what it takes” to save the euro. But it took until Thursday for him to get around to doing what his counterparts in Washington, London and Tokyo did long ago – and set the printing presses whirring in the battle against economic depression.

The president of the European Central Bank is, even though such a technocrat would deny it, an accomplished politician. It’s just as well: he has to be. At his press conference, the upbeat Italian set out a large, if heavily rule-bound, bond-buying scheme which represented the best that he could wring out of the eurozone’s sclerotic architecture of economic governance.

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