Draghi's last throw of the dice

IN 2012, the president of the European Central Bank (ECB) Mario Draghi famously announced that he would do "whatever it takes" to save the euro. Finally, he has done the long-expected needful. After years of dithering, politicking and back-room bargaining in the eurozone's corridors of power, the ECB has at last joined the QE party in earnest, following gingerly in the footsteps of the US Federal Reserve, the Bank of England and the Bank of Japan.

On Thursday, Mr Draghi announced that the ECB will purchase 60 billion euros (S$91 billion) per month of p…