Editorial Board

Mario Draghi's Impossible Task

Easy money is part of what Europe's economy needs -- but only part.

Spare a thought for Mario.

Photographer: DANIEL ROLAND/AFP/Getty Images

Managing expectations is at least nine-tenths of effective monetary policy, so in that sense, European Central Bank President Mario Draghi failed on Thursday. At the same time, don't be too hard on the guy: He's being asked to do the impossible.

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