December 6, 2011
For someone with a reputation for caution, Mario Draghi is off to an audacious start as president of the European Central Bank.
Since taking office a little more than a month ago, he has presided over an interest rate cut, signaled a greater willingness to deploy the bank’s resources to fight the European debt crisis and turned up the pressure on governments to remake the euro zone.
More action is likely on Thursday when the bank’s policy council meets. Analysts predict another cut, perhaps a big one, in the bank’s benchmark interest rate, now at 1.25 percent.
The central bank is also expected to start offering longer-term loans to commercial banks to compensate for a flight from European financial institutions by private lenders.
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