The ECB has the power to end the eurozone crisis. But it refuses to do so – in order to push a regressive political agenda

World stock markets and European bond markets rallied last week in response to three words that came from the mouth of Mario Draghi, the head of the European Central Bank: that the ECB would do "whatever it takes" to preserve the euro. This was widely interpreted as a promise to intervene in the sovereign bond markets to push down borrowing costs for Spain and Italy.

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