EU Needs Both Monetary and Fiscal Stimulus

Europe is finally going to get its own massive monetary stimulus. But that doesn't mean it can save the region's economy. A flurry of media reports suggest Mario Draghi, president of the European Central Bank, will unveil a program today to buy bonds worth 50 billion euros a month, starting in March. That could inject more than one trillion euros ($1.2 trillion) into the eurozone economy by the end of 2016.