European Central Bank President Mario Draghi - often credited with single-handed...
FRANKFURT - European Central Bank President Mario Draghi - often credited with single-handedly saving the euro during the worst of its crisis - is expected to perform more magic next week in his penultimate meeting in charge.
The problem is that the bloc’s biggest troubles are outside the central bank’s control: no amount of ECB stimulus can deliver a trade deal between the United States and China, boost Chinese growth, or get a Brexit deal signed and implemented. This is the ECB’s most powerful weapon, but over half a dozen policymakers, including the central bank chiefs of Germany, France, the Netherlands and Austria have expressed scepticism about the need for it.
But without bond buys, the package is unlikely to be seen as powerful enough and risks disappointing markets. At the other end of the spectrum, a rate cut appears to be the least contentious move, even if that also comes with complications.
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