IT may well be a big deal that Mario Draghi is now talking fiscal stimulus, but the unlikeliness of this happening only underscores that he’ll be forced to do more with monetary policy.
The European Central Bank (ECB) president delivered a ground-breaking speech at Jackson Hole, calling for government spending to do more of the heavy lifting of bringing idled workers back on the job while acknowledging that, his previous excuses aside, market prices show he is losing the battle against falling inflation.
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