If history has taught us anything, it is that we should pay attention when European Central Bank chief Mario Draghi goes off script.
The first time, of course, came when the euro was about to disintegrate in 2012. Back then, speculators were betting that the crisis countries would have to leave the euro zone, which actually made them more likely to do so by increasing their borrowing costs. It was a self-fulfilling prophecy of financial doom. And the only way to stop it was for the ECB to say it would. That’s because investors can’t beat a central bank that can print as much money as it wants — as long as it’s determined to win.