When Mario Draghi, the new ECB president, embarked on the programme shortly
before Christmas, it was hailed as a masterstroke which had saved the
eurozone from financial and economic calamity. Even the Jeremiahs of
Germanys Bundesbank, proud keepers of the sacred flame of monetary
conservatism, were stunned into grudging acquiescence by the evident
seriousness of the crisis. But now the doubts are beginning to set in, and
with good reason.