Just an obvious point that I’m not sure enough people have been making: Mario Draghi’s surprise rate cut is, in effect, a repudiation of the nascent triumphalism of Europe’s austerians.

Those who follow these things probably noticed that just a few weeks ago the austerians — Olli Rehn in particular, but many others too — were hailing signs of a bit of economic growth this quarter as vindication of their policies for the past four years. Yes, it was silly — I mean, I could keep hitting myself in the head, then slow the pace of the punishment,and I would start to feel better. Does this mean that hitting myself in the head was good for me?

Still, there it was. But then the ECB took a look at more relevant indicators: unemployment still rising, core inflation dropping below 1 percent (Japan here we come). And it seems to have gotten very worried.

Put it this way: the ECB wouldn’t be slashing rates if it thought Europe had turned the corner.