European central bank

As soon as Mario Draghi took the reins of European Central Bank from Jean-Claude Trichet, the bank ordered a large-scale asset purchase programme to soothe fears of an euro collapse. Photo: Bloomberg
The EU also needs what it can’t bring itself to create right now: joint guarantee on deposits. Photo: Bloomberg
If asset price bubbles across the world burst—as they inevitably will—central banks will have nowhere to hide. Photo: Bloomberg