Ambrose Evans-Pritchard circulates the joke:
Mr Draghi said the ECB is studying what happened in Japan at the onset of its Lost Decade in the 1990s, insisting that Europe is unlikely to go the same way into deflation given the more aggressive measures to clean up the banking system and the stronger balance sheets of companies. He said the ECB had acted much earlier than the Bank of Japan.
You wouldn´t guess that´s what the ECB did from eyeballing the charts below. Seems the EZ is doing even worse than Japan in the relevant time frame!