Mario Draghi faces moment of truth as man with power to steady eurozone

The European Central Bank governor has charmed the markets with words. But this week he must make bold policy decisions to unite a region increasingly riven by economic disparities

The meeting will be held on the day before the 70th anniversary of the Allied landings in Normandy, but make no mistake: Thursday is D-day for the European Central Bank. That's D as in Draghi, because after all of the ECB governor's silver-tongued manipulation of the market all the nudges, winks and hints the financial markets now require Mario Draghi to do more than just talk.


Expectations are high, probably unrealistically so. After the bloody nose received by mainstream parties in last week's elections to the European parliament, former US treasury secretary Larry Summers had some harsh things to say on US news network CNN about the mess that policymakers had made of things: "The European common market, European monetary union, was an elitist project that was driven by elites, that led to consequences that were entirely unpredicted by elites, that have been catastrophic for millions of people."


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