The economic sweet spot may not last forever but at least the bank has got the European economy moving again

Growth forecasts revised up. Inflation forecasts revised down. Jobs being created. Take a bow Mario Draghi. Urged on by its proactive boss, the European Central Bank has achieved what looked impossible until recently: it has got the eurozone economy moving again.

Draghi should milk the applause while he can because the eurozone’s sweet spot won’t last for ever. It didn’t in the US and it didn’t in the UK, two countries that pursued exactly the same macro-economic strategy as the ECB, only earlier.

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