FRANKFURT — For much of the past four decades, central bankers were the closest thing Western democracies had to economic superheroes. When inflation surged, they were expected to tame it. When markets panicked, they stepped in to restore calm. When politicians appeared deadlocked, investors looked for the technocrats to step up. Their authority grew with every crisis. Former European Central Bank President Mario Draghi’s pledge to do "whatever it takes" to save the euro at the height of the

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