Why Erkki Liikanen should be the ECB’s next boss

ONE OF THEECBECBECBGDP biggest jobs in Europe is up for grabs: head of the European Central Bank (). It sets interest rates across much of the continent, supervises banks and underwrites the euro, used by 19 countries with 341m citizens. The ’s outgoing boss, Mario Draghi, who steps down in October after eight years in charge, has done a sterling job in difficult circumstances. His tenure illustrates what is at stake. After a sovereign-debt crisis in 2010-12 threatened to sink the euro, it was Mr Draghi who ended the financial panic by pledging that the would do “whatever it takes” to stop the euro zone from breaking up.Although he saved the euro, Mr Draghi leaves behind problems. The economy is faltering; a recession at some point in the next eight years is possible. There is little prospect of fiscal easing—Germany doesn’t want to borrow more and southern Europe can’t afford to. So monetary policy is the main lever to stimulate growth. Unfortunately interest rates are close to zero. And the risk of another debt crisis bubbles away. Italy’s populists have been ignoring demands from the European Commission to take control of the public debt, now 132% of .