European Central Bank President Mario Draghi had nothing new to say at his news conference yesterday, which is a pity. Mainly, he confirmed measures previously announced to stimulate Europe's flatlining economy -- steps that looked too timid even before the latest dire news on euro-area inflation.
Inflation in the euro area has fallen yet again and now stands at 0.3 percent. Prices are already falling in several of the European Union's weaker economies. Even so-called core inflation, which excludes temporary factors and reveals the underlying trend, stands at less than 1 percent, a full percentage point below the ECB's target.