, Columnist
Change Is Coming at the ECB. Just Not Quickly.
Europe will wind down its bond-buying program, but Mario Draghi is not in a hurry.
Wait for it.
Photographer: Xavier Leoty/AFP/Getty ImagesThis article is for subscribers only.
The European Central Bank is wrestling with how to exit the super-accommodative policy that's dominated Mario Draghi's tenure as president.
In trying to determine the path of this off-ramp, it might be instructive to look backward. To December of last year, to be precise. That's when the ECB took what looks in retrospect like a first tentative step back from quantitative easing, the huge program of bond buying aimed at keeping interest rates low.