Business Maverick: Draghi’s Divided ECB Leaves Markets Hoping for Government Action

successor Christine Lagarde will inherit the presidency on Nov. 1 unsure how much more the institution can do to revive growth and inflation. Not only did Draghi’s plan to resume bond purchases and cut interest rates further below zero face unprecedented opposition in the Governing Council, but investors and economists aren’t sure it’ll work.

Yet after initially rallying on the news, European government bonds gave up their gains. The euro, which weakened on the headlines, reversed its decline, and stocks swung between gains and losses. The task of convincing skeptical colleagues has become harder. Thursday’s fractious meeting saw an unprecedented revolt in which Bank of France Governor Francois Villeroy de Galhau joined more traditional hawks including his Dutch colleague Klaas Knot and Bundesbank President Jens Weidmann to oppose QE.

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