Yesterdays’ WSJ interview of ECB President Dr. Draghi. Please try to discover what is missing from his statement:

WSJ: Your first months saw a lot of activity. Is there much more the ECB can do when it comes to financial stability and economic growth? Has it done about as much as it can?

Draghi: What I am going to say doesn’t imply anything as far as future monetary policy decisions are concerned. Within its primary mandate the ECB will do its utmost to ensure price stability in the medium term and within the remit of the Treaty to foster financial stability.

Found it? No? Perplex? Let me give you some help, by reminding you what the Treaty says regarding ECB’s tasks:

The primary objective of the ESCB (ECB+EU National Central Banks) shall be to maintain price stability”.

And: “without prejudice to the objective of price stability, the ESCB shall support the general economic  policies in the Community with a view to contributing to the achievement of the objectives of the Community as laid down in Article 2.” (Treaty article 105.1)

The objectives of the Union (Article 2 of the Treaty on European Union) are a high level of employment  and sustainable  and non-inflationary growth.

Growth? Where is growth? Yes, it is missing. Not only from the ECB’s interviews. That’s right, also in Europe. Might there be a link between the two things?