Politics, not monetary technocracy, has the ultimate say

CENTRAL bank governors deemed imbued with god-like helpings of wisdom or power should beware: pride goes before a fall. Mario Draghi, the European Central Bank president, too often dubbed "super" by a media and financial fraternity that is running out of heroes, may be about to lose his sheen of invincibility.

Call it "the new mortality".

Central banks may appear for a while to levitate away from elected politicians. Yet politics, not monetary technocracy, has the ultimate say. What will determine Mr Draghi's radius is not sophistry in London about doing "whatever it takes" (in July 2012) or in New York about intervention without "limit" (on Dec 4), but the mood and direction of on-the-ground politics in Europe. Unfortunately, that's not a pleasant sight.