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.