Mario Draghi is about to bring Europe’s integration project across the Rubicon. At about 2:30 p.m. in Frankfurt, the European Central Bank president will probably commit to a quantitative-easing program that may exceed 1 trillion euros ($1.2 trillion). While the move comes much later than that of the Federal Reserve, which ended its own QE three months ago, the ECB’s arrival at this point still marks a critical juncture in the history of the currency and the European unity it embodies. The prospect of large-scale government-bond buying to fight the threat of deflation has not only reinforced national trench lines at ... (full story)