Mario Draghi's real battles have yet to come. The European Central Bank president's decision to launch liquidity bazookas last December and this February--in the form of cheap bank loans--attracted little real criticism. They came when bail out negotiations with Greece were still on the brink of collapse and fears of contagion were sufficient to ensure that even Germany was happy to oblige. After all, without the bazookas European banks, as well as debtors, were starting to look at risk. Now, Draghi will find that the need for further monetary easing may be just as imperative. But the world has moved on. (full story)