Draghi’s Post-Holiday Inbox Stuffed With Trouble for Policy

The euro area’s monetary-policy makers aren’t getting to slumber through the dog days of August.

Even with talks over Greece’s third bailout wrapped up, European Central Bank officials are having their repose disturbed by developments that could jolt their plan to revive the region’s economy. In coming weeks, they’ll have to deal with a world in which China has devalued its currency, oil has slumped to almost $40 a barrel, and investors in emerging markets are walking wounded.