Mario Draghi and the ECB haven’t saved the eurozone

Financial markets have a lot of faith in Mario Draghi. Too much faith, in all likelihood. They rallied last summer when the president of the European Central Bank said he would do “whatever it takes” to save the euro. And they rallied on Thursday when the ECB cut interest rates to 0.5%. Bond yields…

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Mario Draghi and the ECB haven’t saved the eurozone

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