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Opinion
The Editors

Draghi's Dithering Threatens Europe

The European Central Bank has led investors to expect no further stimulus for the euro area's economy. Today, ECB President Mario Draghi ought to shift course. 
Mario Draghi could make a big statement today. Will he?
Mario Draghi could make a big statement today. Will he?

Two months ago, the European Central Bank announced new measures to stimulate the euro area's economy. More recently, it has led investors to expect nothing further from this week's meeting of its governing council. In his statement today, ECB President Mario Draghi ought to say the council has had second thoughts: The changes in June were too timid, and since then the situation has only worsened.

Inflation in the euro zone is still falling. In the year to July, it was 0.4 percent -- yet again, less than private forecasters were expecting, and the lowest in more than four years.