NAPLES–European Central Bank President Mario Draghi used Hercules to illustrate the challenges facing European policymakers to get the eurozone economy out of its doldrums.
“As policymakers in Italy and in the euro area, it often feels like we face a Herculean task to revive growth and bring down unemployment,” he said in prepared remarks for a dinner Wednesday on the eve of the ECB’s monthly policy meeting, which takes place in Naples.
“And just like Hercules confronting the Hydra, it sometimes seems as though just as we defeat one challenge, such as the sovereign debt crisis, two new challenges spring up, such as low inflation and a weak recovery,” he said.
These guys pose “so many challenges” that they feel they have to play Hercules! That´s just smokescreen for their past missteps.
Before taking over, every candidate for Central Bank Head should be asked just one question: “What do you think is your role as central bank head?” If he doesn´t answer “seek and maintain nominal stability at an adequate activity level” try another candidate!
In the EZ case, the Hydra is winning!