Are Draghi and the ECB Doing Enough?

FRANKFURT – Konrad Adenauer, Germany’s first chancellor after World War II, famously said: “Why should I care about the things I said yesterday?” What he meant was that events can sometimes unfold at a speed that outpaces our ability to understand them. So, as 2014 winds down, it is worth asking ourselves, with the benefit of hindsight: Have we at the European Central Bank reacted swiftly enough to maintain price stability in the face of threats, as our mandate requires? I think the answer is yes.