ECB can only buy time, not solve eurozone growth woes

Mario Draghi's efforts will count for little without structural reforms and more aggressive use of fiscal policy by European governments

For most of its short life, the European Central Bank fretted about inflation being too high. Now it has the opposite concern.

The fear of deflation explains the package of measures announced by Mario Draghi on Thursday. Three months ago, the ECB president disappointed the markets by coming up with less stimulus than he had led them to expect. This time there were no half measures.

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