Mario Draghi, has repeatedly argued in recent months, the sickly euro-zone economy calls for decisive action on three fronts at once: a looser monetary policy, faster and deeper structural reforms by national governments, and a more supportive fiscal policy. On the first the ECB is, albeit too slowly and cautiously, embarking on a form of quantitative easing akin to that practised by other central banks. On the second, even France and Italy are, belatedly and somewhat reluctantly, following the euro zone’s periphery in making structural reforms that should, eventually, boost growth. But on the third, little is being done.