Summer is the season of Mario Draghi (by Leo Ashley)

The change of tone Mario Draghi is important, but is far from being equivalent to a reversal of the policy hitherto followed the euro. 
Summer is the season of Mario Draghi. Two years ago extinguished the fire in the debt markets, which threatened the survival? Of the single currency, with the promise to "do whatever it takes" to save the euro. Last week signaled a shift in weight from the point of view of intellectual debate and economic policy in Europe: said he was ready to expand monetary policy stimuli against European economic stagnation and urged governments to help this effort through? less obsessed with the absolute balance of fiscal policy accounts. 

The two signals work towards slowing austerity. The first helps lower? Euro and keep the interest on the debt to a minimum, mitigating much market pressure on these governments to cut the deficit. The second, issued by the president of an institution here automatically repeated the mantra "governments need to consolidate" influences isolates in the European debate most radical in Europe, led by Germany?, And the European Commission. 

But, however important? Whether the change of tone Draghi seems rash to conclude that, by itself, has great structural effect on European politics. 

Draghi asks stimuli, but tells us much flexibility and limits concerning imposed by the Stability Pact, which leads us to conclude that the appeal is (on a matter which does not control) who has margin:?? Germany and Italy, the first and third largest economies in the euro, with fiscal imbalances below 3% of GDP. For countries with less margin Draghi speaks in consolidating more friendly growth, but what you're suggesting is less labor taxes in exchange for spending cuts that has a low multiplier effect '- an exercise that looks good on paper but that in cases such as Portugal,? already very massacred by cuts, is not likely. Draghi speaks on the importance of sustaining demand, but does not rule out the relevance of structural reforms, especially? Labor market, the hardest to sell. Even in monetary policy, Draghi speaks in more stimuli but, besides the effect? The euro would not be glimpsed? Additional effects on the transmission? Real economy the interest rate? Already at historic lows? (And do not forget the constitutional sword in Germany ? on the plans of the ECB). 

I do not want to belittle this? Importance of the speech by ECB President. It is, of course, a change that helps lower the euro. It is an admission of the serious situation in the euro zone and policy errors. It is a position that can press Germany to accept some kind of stimulus and that, along with the entry of the new Commission, helps facilitate specific flexibilities in the pace of deficit reduction? - Exceptions that may even encompass Portugal in 2015 (a deficit closer to 3% fulfill the Budget Treaty and the Pact). 

But in structural terms? Draghi's words are far from being equivalent to a reversal of austerity or the harsh reforms. More important than the words of Draghi to convince Germany and the Commission that stimulus money and flexibilities are not sent to the street to avoid hard and necessary reforms would, moreover, the action of governments in France and Italy? - A requirement that at this point, it seems warranted. The times remain dangerous in the eurozone.

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