The ECB Reloads

The European Central Bank may hope for the best, but it is preparing for the worst. An escalating US-China trade war is of itself unlikely to snuff out global growth, but preparation for a fracture of the world trading system is being undertaken. As Mario Draghi prepares to hand over the ECB’s reins to an undecided successor, he seems to be restocking its armory, even if he is not the one who is likely to fully deploy it.