, Columnist
Mario Draghi Has Spotted the Real Problem: Europe’s Politicians
The ECB chief has promised again to do whatever it takes, but he’s right to be exasperated by the euro zone’s failure to set up a proper common budget.
It takes two.
Photographer: DANIEL ROLAND/AFPThis article is for subscribers only.
Mario Draghi has spent much of his time as president of the European Central Bank fighting crises. So he hasn’t had much time to consider his legacy, even now that he’s less than five months away from retirement.
Yet in his last appearance as president at the ECB’s yearly shindig in Portugal, Draghi was in reflective mood about what’s been achieved by the central bank and the euro zone’s governments in terms of safeguarding the future of the single currency. While his own organization scraped a pass mark, the bloc’s leaders were judged more harshly – and with good reason.