Puzzlingly low core inflation is not solely a European problem. America has seen it too.
Indeed, the Federal Reserve's experience of tightening policy should caution the ECB against ending stimulus too soon.
When America's rate-setters halted their quantitative-easing programme in 2014,
they put the long-term unemployment rate—towards which joblessness can fall without pushing up inflation—at 5.2-5.5%.
But since then unemployment has fallen much further without sharp price rises.
The Fed learnt that the economy had more room to expand safely than it expected; in hindsight, it could probably have kept interest rates lower for longer.
Recent statements by Mr Draghi and his colleagues, however, suggest that the ECB will stick to its plan for now.
It sees the growth slowdown as modest, and a pickup in core inflation as imminent.
Mr Benito reckons, however, that disappointing data releases in coming months could eventually prompt a rethink.
If it does decide to loosen policy, the ECB will not find it easy to extend quantitative-easing.
The central bank's holdings of German bonds is nearing its self-imposed limit of a third of a member's debt stock.
Instead, policymakers would probably guide markets to expect a further delay before interest rates rise.
This comes with its own problem, however: Mr Draghi is leaving in October 2019, and his successor may have different ideas.
ECB-watchers think another option may be an extension to its targeted long-term repo operations,
which offer banks cheap funding in return for lending to households and firms. That would benefit Italian banks most.
They are heavy users of the scheme and the stand-off with Brussels has pushed up their borrowing costs.
But to help them would be to ease the market pressure on Italy that might otherwise encourage fiscal rectitude.
The agony of setting monetary policy only gets worse when politics comes into play.