In mid-September former ECB President Mario Draghi published a 400-page report recommending changes necessary to boost the EU’s competitiveness. Although couched in broadly positive language, the document did little to…
market
This article first appeared in the Wall Street Journal
Markets always make good scapegoats. When they do well, they are populated by profiteers. When they do badly, they are accused of causing trouble for everyone else.The denizens of the Dow, Nasdaq, CAC and DAX floors may be speculators and myopics. Yet it’s hard to find even the most reckless private participant who behaves as though his credit is limitless.