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Mr. Draghi's speech in Sintra, Portugal, a few days ago, was reminiscent of his famous "Whatever it Takes" speech. Mr. Draghi said the bank had "considerable headroom" to launch a fresh expansion of its $2.9 trillion Quantitative Easing program and suggested it could, in the short term, target inflation above its medium-term goal of just under 2%, for a limited period of time. Virtually no one was expecting this. It had been thought, by most money managers, that the ECB was done with QE and while they might flat-line, that no increase in QE was