MARIO Draghi had better enjoy his winter break. Entering the home stretch of his eight-year term, the European Central Bank president unveiled a big jump in the growth forecast and told reporters he's increasingly confident in the outlook. His demeanor seemed almost relaxed, winding down for the year.

It won't last.

The relatively upbeat outlook foreshadows a watershed moment coming at officials next summer: a likely decision to retire quantitative easing and an inevitable squabble about what follows it.