The European Central Bank announced Thursday it is ending its quantitative-easing program, and kudos to Mario Draghi for not leaving this up to his successor. The ECB President can’t be blamed because more European governments didn’t take his advice to reform.
The ECB will phase out its monthly purchases of government and other bonds over the rest of this year, with the pace falling to €15 billion from €30 billion in October and ending in December. The ECB’s minus-0.4% policy rate remains at least until the middle of next...