Never give up. It was once the motto of Winston Churchill. Now Mario Draghi, president of the European Central Bank, is making the former British statesman’s principle his own.
“We don’t give up,” were Mr. Draghi’s final words at the ECB’s latest press conference Thursday in Frankfurt. Unlike Churchill, Europe’s most powerful central banker is not waging a war. But his words show that the situation in the 19-nation euro zone remains serious, and that Mr. Draghi is determined to do something about it.
Once again, the Italian is raising high expectations with his words, and yet the ECB could not bring itself to take any action on Thursday.
In comparison to its last meeting in December, there is a significantly smaller anticipated increase in inflation today, Mr. Draghi told the assembled press. For that reason, he added, the ECB will review its measures to date at the next meeting on interest rates. He insisted there were “no limits” on deploying the central bank’s remaining tools to ease monetary policy.