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The ECB Is Talking Stimulus Again. Is It Bluffing?

Illustration by Chris Mihal
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Listening to Mario Draghi this past week, you would hardly think that he’s four months from retirement.

The president of the European Central Bank surprised investors when he said that a new round of easy money “will be required” if the economic situation in the euro zone doesn’t improve. That would be measured, he said, by whether inflation can be lifted to a “sustained” level in line with the ECB’s mandate of just under 2%—a target that has proved elusive.