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As the European Central Bank prepares to inject up to a trillion euros into Europe’s faltering economy, Mario Draghi would be wise to study Japan’s experience with massive quantitative easing.

In recent interviews, Bank of Japan Governor Haruhiko Kuroda has come close to admitting that his own monetary “bazooka” hasn’t succeeded in jolting the economy out of its deflationary funk. Simply providing liquidity isn’t enough; banks and corporations need incentive to tap that money.

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