It seems a puzzle why, at its March 7 meeting, the European Central Bank indulged in sedate tinkering despite the mounting risk of a damaging eurozone recession. The puzzle has a simple answer. The ECB has reached both political and technical limits. It offers mainly words, in particular a recurring promise to aggressively use its “instruments” if economic weakness “persists.” Left with no options, the ECB must define the problem as lying in the future, not in the present. Hence, always behind the curve, it hemorrhages credibility.