Draghi says fiscal, structural policies must also do their part, in a speech in Naples ahead of tomorrow’s ECB meeting.

  • Eurozone faces cyclical and structural challenges
  • Key to sustainable recovery is higher investment

I hope this is the start of Draghi throwing the ball to politicians. I just don’t see the value in QE when German 10s are at 0.90% and Spain is at 2.06%.

Governments in Europe (and elsewhere) need to start taking some responsibility for growth, rather than asking the central bank to do the heavy lifting.