The dilemma in which Mario Draghi found himself over quantitative easing is emblematic of the state of the European Union as a whole. Like other of the EU's crisis management measures, the resort to QE has been criticised for being too little and too late...
If QE is a massive block of money (no-one's quite saying it's immovable) tending to pump up prices and spending, the precipitous fall in the oil price has resulted is a near-irresistible force working against it.
I am not opposed to turning on the money printing presses. But I am if the result is a boom to be followed by a bust with a few benefitting enormously at cost to many in the meantime. This is the time for QE, but Green QE is what we need and is not what we're getting.
So now we're all on tenterhooks until next Wednesday when we hear if the Fed has decided to reduce its monthly bond purchases. Traders, Treasurers, pension pot holders, emerging market Finance Ministers - we all feel a watershed is arriving.