European Economy

The Quantitative Easing Experiment Is Failing

Draghi risks losing credibility if he doesn't deliver in December.

Deflation fears lurk in the shadows.

Photographer: Yorgos Karahalis/Bloomberg

Friday's eurozone inflation figures are expected to show that consumer prices were unchanged in October. Inflation hasn't been at the European Central Bank's 2 percent target since the start of 2013; it's been half that or less for the past two years. So I sympathize when ECB President Mario Draghi says he'll expand the use of non-conventional measures to avert the threat of deflation; but I worry that with no evidence that the patient is responding to treatment, increasing the dosage is pointless.

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