European Central Bank Chair Mario Draghi’s 2012 pronouncement of a trigger-happy “whatever it takes” monetary policy justified his nickname “Super Mario.” As president of the bank, or the ECB, he filed the only institutional chair with truly systemic or authority. From where he saw the situation, there was not a sum of national crises, but a single European challenge. And markets were relieved that it was still possible to cut through the member-state’s indecision and follow the United States in...

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