ECB is moving in the right direction

There is no doubt that, under Mario Draghi, the European Central Bank (ECB) has come a long way. Interest rates have fallen, banks have been supplied with new long-term liquidity and there is now a new commitment to buy sovereign bonds of countries in need of assistance, albeit subject to a range of specific conditions. There is no magic bullet to solve this crisis, but Draghi has taken a significant step.

What he ...