Mario Draghi moves centre stage in Europe’s epic lurch to federalism

Successful completion of Europe’s experiment with monetary union demands federalist solutions. But these could yet end up tearing it apart

Rarely has the gulf that separates US from European monetary policy looked quite as wide as it does today, with the European Central Bank this week expected to sanction further easing even as the US Federal Reserve prepares to tighten – a great divergence which sees the two central banks, and their currencies, heading in opposite directions.

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