Mario Draghi将于周四展示欧洲中央银行的新总部，这是一个令人挑剔的玻璃塔，升高到法兰克福的改造前批发市场。但虽然该设置改变了，欧洲央行的信息仍然令人沮丧熟悉：经济衰退和通货紧缩的风险增长，但内部部门和政治反对派继续防止中央银行采取大胆行动。
自德拉奇在2012年7月向伦敦银行家群体中发出“无论它需要什么”的话，欧洲央行总裁一直是管理期望的硕士学位。那么短暂的，未介绍的短语有效地消除了对单一货币分手的恐惧，并在欧元区周边国家的主权债券中开始了大规模的集会 - 所有人都没有降低欧洲央行即民。
今年六月，德拉奇将投资者展示投资者脉冲再次通过宣布欧洲央行的计划，使新的流动性注射进入欧元区银行并购买资产支持的证券。他坚持认为，中央银行决心重建其资产负债表以提高贫血经济性，并获得通货膨胀 - 危险地低于1％ - 朝其朝其接近2％的目标。秋季经济继续恶化，但只有扇形猜测，欧洲央行将很快求助于全面的定量宽松，à送美联储，并购买主权债券。称之为龙掌。最近几个月的总统常规新闻会议的狂热预期似乎仅用于拖累来令人失望。露西拉扯橄榄球的图像远离一件不便服的查理棕色来到思想。
大胆的言论和胆小的行动是wearing thin. It’s about time to lay to rest the myth of Super Mario.
I say this as someone who doesn’t doubt the ECB will eventually follow the Fed, the Bank of England and the Bank of Japan and embark on QE. But the process of getting there is proving so tortuous that it’s likely to blunt the measure’s effect.
QE的经济案例涉及它可以得到的引人注目。周四的欧洲央行降低了它已经严峻的预测，预测今年增长仅为0.8％，2015年的1.0％;早些时候仅仅三个月，预计今年的增长率0.9％的恢复到1.6％。中央银行还将2015年的通胀预测削减为0.4个百分点，达到0.7％，持续0.1点，达到0.1分，达到1.3％。Draghi承认，即使这些数字也没有完全考虑到最近的油价急剧下降。
Yet opposition to the purchase of sovereign bonds, which Germany regards as an illegal monetary financing of public debts, seems to keep staying Draghi’s hand. The president insisted that QE was legal and potentially potent, and vowed that the ECB wouldn’t hesitate to override German objections — “we don’t need unanimity,” he said bluntly. The renewed hesitancy to act at a time of sputting growth and vanishing inflation suggests there may be more opposition within the governing council than the Bundesbank president, Jens Weidmann, and that Draghi fears the lack of a political consensus in EU capitals. He appeared to pour cold water on the idea that the ECB could move in January: Whether he’s setting up the market for a sucker punch or gathering his forces for action in March remains to be seen.
即使Draghi可以克服QE的政治，市场预期它的潜在利益也会出现不切实际的。比较今天欧元区的条件与那些在美国普遍存在的人。当Ben Bernanke拿了QE Plunge时。当美联储于2008年底推出其第一次债券购买计划时，10年的国债的产量为3.35％，达到2010年11月的QE2 QE2，何时开始QE3，距QE3在2012年9月的1.77％时。这些行动挤压了纪录低点的持续期限的税率，从储户和对冲基金管理者挑起HOWL，但投资者的风险促进，经济。
Draghi can only hope for a similar effect. The yield on Germany’s benchmark ten-year Bund stands at 0.77 percent. Yield spreads across the euro area, both on sovereign and corporate credits, have shrunk to levels not seen since the early days of the 2008–’09 financial crisis. Yields on Spanish and Italian ten-year government bonds now trade comfortably below Treasuries, at 1.88 percent and 2.03 percent, respectively. The ECB buying bonds in these circumstances should weaken the euro, which European exporters would welcome, but otherwise it will be like pushing on a string.
欧元区的问题主要是财政和结构，而不是货币。解决它们应该涉及德国的一些刺激组合，其中国内需求疲弱，存在泵浦引发的能力，以及法国和意大利等国家的长期结构改革。缺乏行动的政治意愿和成员国之间的团结程度，欧元的意思是体现的。相反，欧盟领导人正在离开新的欧盟委员会总裁Jean-Claude Juncker，以他的3000亿欧元的基础设施计划即兴地推广，这是雄心壮志，而是对实际欧盟的资金进行较短（仅在210亿欧元）。他说，德拉奇在他的新闻发布会上提出了这一提议：“我们对垃圾计划有很大的信心，”他说。“现在这是我们在财政方面所拥有的唯一倡议。
The new ECB tower that soars over Frankfurt’s Ostend district was intended to serve as a symbol — like the euro but in glass and steel — of European unity. The €1.2 billion headquarters took 16 years to go from concept to completion. At the rate things are going, it risks becoming a symbol of dithering by EU policymakers.