Draghi alone can’t solve Europe’s problems

The ECB is poised to take further action in a bid to save the eurozone, but it will all be for nothing if co-ordinated fiscal policy doesn't follow.

The euro fell to a two-year low overnight against the US dollar after European Central Bank President Mario Draghi reiterated the ECB’s commitment to expand its balance sheet and fight off the increasing threat of deflation. But it is unlikely that the ECB’s policies will gain much traction without a co-ordinated effort through the eurozone to increase fiscal spending and improve aggregate demand.

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