ECB President Mario Draghi’s call at Jackson Hole for fiscal policy to play a greater role alongside monetary policy in boosting aggregate demand has prompted some to label the change of tone “Draghi-nomics” – akin to “Abenomics” in Japan. However, while Mr Draghi’s suggestions have some similarities with Japan’s policies, the institutional and political structure of the single currency area mean it will lack the key ingredient of co-ordination.
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