Mario Draghi fought the headwinds of German-imposed fiscal austerity on sinking euro area economies and led the monetary union to economic recovery.
, with the core rate coming in at 0.9%. Those inflation rates are right in the middle of the widely accepted definition of price stability — i.e., the mid-point of a 0% to 2% inflation rate. Both inflation rates are well below the ECB's medium-term target of about 2% and are now the subject of a meaningless debate concerning the bank's present policy stance.
Of course it can, but in order to do that it needs to correct its policy mix by establishing a proper equilibrium of monetary and fiscal policies and implement structural measures to increase the stock and quality of human and physical capital to significantly raise its potential and noninflationary growth rate.
France unsuccessfully tried to appease its rioting "yellow vests" and associated constituencies with hefty handouts and tax cuts, ending up with a rising budget deficit to 3.2% of GDP for this fiscal year. A sharp decline of the projected deficit for next year to 2.3% of GDP looks problematic in view of a violent and unending social unrest, increasingly dangerous racial strife and political pressures from extreme left and right political parties.
All of that leads back to Germany — a country with an unstable and divided government, growing racial violence, social unrest, an ominous far-right surge in German eastern states and no clear direction on the way forward.That uninspiring European economic, social and political panorama is what Draghi saw in his parting shot at another round of monetary easing.
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