For years it has been the correct response for European central bankers to support spending in difficult times with looser monetary policy and to do everything possible to avoid a recession. After all, the ECB won acceptance as a powerful and respected institution only when the central bank, led by then president Mario Draghi, pledged to do “whatever it takes” to boost the continent’s economy almost exactly a decade ago. The promise of unlimited monetary firepower quickly ended the eurozone crisis.
