Straight Talk Would Give Draghi More Punch

The European Central Bank is supplying too little monetary stimulus, and it's compounding that error by advertising its own impotence.
Help needed delivering the message.

Mario Draghi deserves credit for what he did last week. The European Central Bank's president found a way to surprise investors with lower interest rates and announced a plan that looks a lot like quantitative easing -- both good moves. Nonetheless, the ECB is still falling short. It's supplying too little monetary stimulus, and it's compounding that error by advertising its own impotence.

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