Frankfurt

WHENEVER Mario Draghi clears a hurdle on his path to higher inflation, a new one appears.

Just as the 19-nation economy sends encouraging signals that challenges from Brexit to terrorism won't derail the modest recovery, a new decline in oil prices is casting a shadow over an expected pick-up in inflation. With growth not strong enough to generate price pressures, the European Central Bank (ECB) president may have to revise his outlook yet again.