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The Editors

Stopping Europe's Descent Into Deflation

If Europe's long recession gets worse, it will be because its leaders saw what was happening yet chose not to act. 
What are you going to do, Mario Draghi?
What are you going to do, Mario Draghi?

Until recently it was debatable whether Europe's economy was recovering. No longer. Its recovery has stopped. The question now is whether the stagnation will tip over into something worse.

In an Aug. 22 speech, European Central Bank President Mario Draghi moved a little closer to acknowledging the danger. This aroused hopes that he would announce decisive action on Sept. 4, after the next meeting of the bank's policy committee. For Europe's sake, he'd better deliver.