, Columnist
Why Mario Draghi Should Cut Rates Sooner
A rate cut in July could be the best way for the ECB president to consolidate his legacy.
Not on the beach yet.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
If Mario Draghi had hoped for a quiet summer before he retires from the European Central Bank in November, his wish hasn’t come true.
The ECB chief will preside over his antepenultimate monetary policy meeting of the Governing Council on Thursday at a disappointing time for the euro-zone economy. Many economists expect the ECB to hold fire until September, perhaps only hinting that more easing is coming soon. But at a time of lackluster growth and weak inflation, the central bank should consider acting immediately rather than waiting for too long.