The lady doth protest at the wrong thing

Outlook ECB dictatorship? If only. The problem with the slogan howled by the protester at Mario Draghi at a Frankfurt press conference is that, on the contrary, the ECB has not been dominating enough in the single currency. It’s been holding back and not doing its job.

Monetary policy has been far too tight for most members of the eurozone since the financial crisis, which is one of the reasons the bloc’s GDP is still below what it was in 2008, and the central bank is now desperately trying to break the shackles of deflation. Europe needs more ECB – not less.