Start the presses, Mr Draghi

The ECB should begin quantitative easing - but contemplating this will require an admission that austerity just isn't working.

17th August, 2014
Mario Draghi: the ECB president is being urged to act as the eurozone economy slows to a standstill Picture: Getty

Iam sitting opposite the Latin Bridge in Sarajevo, where the First World War started one hundred years ago this month. Six weeks after the assassination by Gavrilo Princip of Franz Ferdinand came the actual outbreak of war.

No one really thought the war was possible. Europe was so economically integrated. Financial markets were sophisticated and all the major players were trading with each other to such an extent that the mainstream view was there was...

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