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Continued reliance on European Central Bank President Mario Draghi’s weapons will probably succeed in keeping quasi-insolvent states and banks afloat. But it will do so only at the expense of deeper stagnation and uglier political tensions.

ATHENS – During his tenure as President of the European Central Bank, Mario Draghi[1] forged a variety of weapons that he deployed to shield the eurozone from menacing deflationary forces. Without them, the euro would have been history. However, the deflationary specter haunting Europe was never truly defeated and is now back with considerable vengeance.

In the dying days of his presidency, Draghi is throwing everything he has at the problem, in the hope of buying time for Europe’s governments and for his successor, Christine Lagarde...

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