Draghi deserves enormous credit for overcoming resistance to radical policies that are now starting to bear fruit.
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Three major central banks met this week – and markets barely stirred.The European Central Bank left its stimulus policies in place but confirmed plans to scale back asset purchases from next month.On the other side, the concern is that an extended period of ultra loose policy is allowing risks to build up in the financial system that could generate the next crisis – and that central banks might have no ammunition left to fight it when it struck.The ECB's latest forecasts show inflation still below target in 2020, even if interest rates remain at historic lows.All the more reason, though, for central banks to use the macroprudential tools at their disposal to contain financial risks and stop asset prices overheating. Central banks, much maligned in recent years, can now claim success for unorthodox policies.
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