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Draghi May Discover Weaker Euro Doesn’t Buy Enough Recovery

Mario Draghi may find a falling currency can’t buy much of an economic recovery.

The euro has dropped toward a two-year low against the dollar since the European Central Bank president boosted stimulus earlier this month. Economics textbooks say that should lift Europe’s struggling growth rate by boosting exports and speed inflation by raising import prices. Such effects will be more welcome if falling commodities deal a disinflationary blow.