Time for the ECB to fetch the fiscal stimulus of helicopter money

Insanity, we are told, is doing the same thing time and again and expecting a different solution. By that definition — and this will come as no surprise to anyone who has watched the slow-motion train wreck that is the eurozone — the ECB is insane.

It’s closing in on four years since president Mario Draghi said that he would do “whatever it takes” to preserve the euro.

Well, that has been done. Part of the mandate of the ECB is to consider not just the mere existence of the euro, but the stability of the system.