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European Central Bank president Mario Draghi, left, and other central bank officials make their way to a news conference in Frankfurt, Germany, on June 5, 2014.
European Central Bank president Mario Draghi, left, and other central bank officials make their way to a news conference in Frankfurt, Germany, on June 5, 2014.
(Michael Probst/AP)

ECB deploys new weapons, but is it too late?

After months of dithering while the euro-zone economy stumbled and inflation fell to perilously low levels, the European Central Bank has finally unleashed the few remaining weapons in its arsenal and promises to pursue more unconventional measures if necessary.

Even the more hawkish policy makers on the bank’s governing council could no longer pretend that the 18-country monetary union was somehow immune to a Japan-style wave of crippling deflation and years of feeble economic performance.