But what has Mario Draghi tried to do?

The ECB's monetary policy became increasingly expansionary from 2014, and this is still the case now. What has been the objective of this policy? Restoring inflation? But the low level of inflation is due to structural causes that the ECB cannot correct: the decline in employees' bargaining power, companies’ lack of pricing power; Correcting weak demand? But from 2017, companies' hiring difficulties became very pronounced and wages and unit labour costs accelerated: there is no longer any significant under-employment in the euro-zone economy; Continuing to stimulate demand ( create a n "overheating") so companies are forced to become more efficient and to increase productivity gains? But this attempt is clearly a failure; Maintaining government solvency? That is possible; Pushing banks to lend more? But there is no need for more credit in the euro zone and, moreover, the banks' problem is not liquidity but capital consumption. In th e end, BCE’s only credible objective seems to be the will to maintain State’s solvency .