Frankfurt — As economists watch the European Central Bank (ECB) inject about €750bn into the financial system this year, they can while away the time by looking out for a change in language from Mario Draghi. The ECB president is likely to insist that quantitative easing (QE) must continue to safeguard the euro area’s recovery when he speaks after the governing council sets policy on Thursday. But with an inflation pick-up causing alarm in Germany, he may also be asked when he might describe the risks to the price outlook as "broadly balanced" — a judgment he has not made in more than two years. The governing council’s first policy decision of 2017 comes six weeks after Draghi declared the threat of deflation to be almost vanquished, and will probably mark the start of a year in which the pressure continually mounts for officials to discuss if and how stimulus should be withdrawn. In a sign that the mood is gradually changing, executive board member Benoit Coeure acknowledged in Dec...
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