For a man credited with saving the euro, Mario Draghi's final policy meetin...
FRANKFURT - For a man credited with saving the euro, Mario Draghi’s final policy meeting at the helm of the European Central Bank will be far from a lap of honor.
What’s more, ECB policymakers have never been so divided on the way forward, and Draghi’s final round of quantitative easing failed to win the backing of a third of the Governing Council in September. And it’s not just a minority of prominent hawks - including the central bank governors of France, Germany and the Netherlands - who question the wisdom of resuming the ECB’s 2.6 trillion euro bond buying program.
Second, the euro zone relies on exports - and especially on Germany’s manufacturers - for much of its growth, leaving it to bear the brunt of a global trade war initiated by Donald Trump’s U.S. administration. Its call was likely to be frustrated again, with draft national budgets for 2020 showing only a modest expansion of 0.3%-0.4% of GDP according to JPMorgan estimates.
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