Mario Draghi achieved so much in eight years as president of the European Central Bank (ECB). Swift and decisive action saved the euro, tempered populism, and averted crises.

 

But the bank’s inflation target eluded him entirely. Here I explain why the future of inflation in Europe is less about incoming ECB president Christine Lagarde, and more about public support for using fiscal firepower. Without it, the Eurozone looks increasingly likely to be the next Japan.