European Central Bank president Mario Draghi waits for questions during a news conference at the ECB headquarters in Frankfurt, Germany, September 3, 2015. REUTERS/Ralph Orlowski
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European Central Bank President Mario Draghi is something of an expert at moving markets by doing nothing, and he showed his prowess again Thursday. He said the ECB stands ready to stimulate Europe's sluggish economy further, but has no plans to do so right now. That was seen as dovish, so European stocks advanced, euro bond-yields declined, and the currency slipped 1 percent. It all helps – and Europe's floundering economy sure needs help. In fact, though, there's little more the central bank can do. What Europe needs most is for its governments to act, especially on fiscal policy and financial reform.A stronger European recovery needs financial as well as fiscal integration.
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