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‘The [ECB’s] governing council sees the risks around the economic outlook on the downside,’ said European Central Bank president Mario Draghi on Sept. 4, 2014.
‘The [ECB’s] governing council sees the risks around the economic outlook on the downside,’ said European Central Bank president Mario Draghi on Sept. 4, 2014.
(Michael Probst/AP)

Draghi passes the baton to EU leaders

Mario Draghi is pleading for help. The question is whether anyone is listening.

The president of the European Central Bank shocked markets on Thursday by cutting already low interest rates even further and announcing plans to buy up large swaths of bank loans. With those moves, Mr. Draghi is making it clear he is doing everything he can to restart European growth and that governments must now share the job.