Running a major central bank is never a particularly easy job. An enormous amount of pressure—the weight of an entire economy—is riding on you. Among your major responsibilities is the job of stomping on an economy when it begins to run too hot, generating economic weakness to defang inflation. You’re rarely given credit for your successes and often blamed for problems of others’ making. Yet most central bankers have it easy compared to Mario Draghi, who last week assumed the job of President of the European Central Bank. Draghi’s situation could scarcely be more difficult.