What the European Union does share is one common currency, which prevents any country from devaluing its currency in its efforts to overcome either issues of debt and mismanagement (Greece) or the shock of huge bubbles (Spain, housing). Because of this, the European Central Bank must assume the very role it denies. Its refusal to put into place well proven strategies to balance the lurching economies of the Union threatenans its survival by withholding solutions.
Draghi acts as a moral abitrator, not as a financial manager. And, by his vision, he is above the fray, representing no country, only the interests of the whole. But it is precisely in that task he is failing.
The dilemna is not his alone. Economies are complicated. But there is much he can do in his role as head of the ECB to improve the current state of an European economic system on the brink of near collapse.
