Signor Mario Draghi, president of the European Central Bank, has tried to call up spirits from the deep like the Shakespearean characters Glendower and Hotspur. “I will take whatever it takes”, he said a few years ago. Such spirits were supposed to save the euro and restore growth. However, while the euro has stabilised, temporarily, the European crisis has certainly deepened. This time it is threatening to plunge the European Union into the nightmare of a Japanese-style deflation.