Without deviating too much from the script, Mario Draghi said goodbye yesterday to the European Central Bank announcing another ambitious stimulus package. The president, faced with the "rising risk" of a European recession, presented a record rate drop and decided to reactivate the sovereign debt purchase program despite the current against which it had been set in the body. Critics of the hawks have forced him to reduce the expected amount: they will be 20,000 million per month. But in return, the injection has no expiration date. This is the last part of a plan with which the regulator has watered the Eurozone with billions of euros since 2015. A lifesaver thanks to which the euro has not suffered too much, and to which both the weakest economies - as in their Spain day- as the most healthy -Germany- have seized. But just if it has been effective, it is due to its short-term nature. Well, to eternalize stimulus policies, to continue doping the economies without braking, will contribute to maintaining an anomaly that, when corrected, will surprise unsuspecting states to face reality. Among them Spain, which continues to avoid structural reforms whose need is already demonstrated to generate sustainable growth at once.
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