Europe needs more than Draghi's hot air

Despite its tough talk, the European Central Bank has failed to take enough meaningful action. Unless it changes tack, the eurozone's crisis will persist into the next decade.

The ECB left rates unchanged at its meeting overnight, but has once again indicated that it is willing to take rapid action, including quantitative easing, if necessary.

Strong words have been a hallmark of Mario Draghi’s presidency, but the reality is that greater action has been necessary for years.

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