Draghi Disappoints as Firepower Becomes Fig Leaf

European Central Bank President Mario Draghi isn’t racing to the rescue of Europe’s banks or economy this time.

Almost a year since his promise to do “whatever it takes” to protect the euro soothed investors, and a month since cutting interest rates, Draghi signalled yesterday that governments, not the ECB, should do more to fight recession and boost credit to businesses in cash-strapped countries such as Spain.