Draghi delivered an unexpected speech a day ahead of the European Central Bank decision and used it to put the onus on governments to restore growth.
That could be a preview of what Draghi will say after the ECB meeting. Draghi has delivered repeated and risky policy measures over the past two years that push the legality of what the central bank can do.
Meanwhile, European governments have done the bear minimum to calm markets, institute reform and improve competitiveness. If he steps out tomorrow and starts to point the finger at governments rather than hinting at QE, don’t be surprised.
