That silence you hear is the European Central Bank not buying more government and commercial bonds. Its controversial quantitative-easing program mostly ended Dec. 31, although ECB President Mario Draghi will continue reinvesting the proceeds of maturing holdings indefinitely.

With the sort of inevitability in which Europe specializes, the end of QE means it’s time to freak out about Italy again. But if we’re going to have another Roman panic, let’s try to make sure this one is productive. Here goes: