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JAN. 22, 2015
Neil Irwin
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For nearly eight years, since the first tremors of what would become the global financial crisis were felt, global central banks have been the first responders to a rolling series of panics and disappointing economic results, for better and worse. (The better: They have often moved more decisively and powerfully than elected officials. The worse: Their tools are often ill-suited for the challenges their economies have faced, and created dangerous ripple effects).
Mr. Draghi’s move is firmly within this tradition. We don’t know how it will end, only that he has shown the determination to recognize that the status quo, for Europe and the world, was no good.
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