Draghi vindicated as growth returns and crisis subsides

Mario Draghi’s view that the eurozone doesn’t need more monetary easing for now is being vindicated.

Manufacturing and services activity in the region is near the strongest level in almost three years, according to surveys of purchasing managers released yesterday.

The data round off a quarter of growth even against a backdrop of geopolitical upheaval in Ukraine and an economic slowdown in China, suggesting the ECB president’s policies have put an end to the eurozone crisis.