Draghi article in the Guardian emphasises a point he made yesterday
Apart from emptying the ECB tool box on the desk yesterday, one other point stood out in his statement.
Usually he repeats and the same old line that governments need to do more. Unusually, he took a stronger tone about that yesterday. I think it could be an important point considering the stops the ECB have just pulled out. At some point governments have to shoulder the responsibility. There will be a point where the ECB can do no more or end up doing more damage than good. Most of us have been saying that for years (looks at brick wall). It's not the ECB's job to bring growth to the Eurozone. It's their job to give an environment for growth to grow. They're the greenhouse for the governments seeds. Draghi emphasises that very point in the article;
"Much focus is put on the central bank to raise growth, and it can contribute through price stability and a stable financial system. But in the long run real growth is driven by what the economy can produce. That is much more about ideas, technology, flexibility, motivation, skills. It is up to elected governments to set a growth-friendly environment."
Like him or loathe him, it's very hard to argue against that point and until the clowns in charge of member states get off their arses, Europe will keep suffering.
