Mario Draghi, President of the ECB, speaks before the European Parliament’s Committee on Economic and Monetary Affairs
President’s introductory remarks at the regular ECON hearing
Introductory statement by Mario Draghi, President of the ECB,
Brussels, 23 September 2015
Honourable Members of the Economic and Monetary Affairs Committee,
Ladies and gentlemen,
During the summer break, our Union faced exceptional challenges. First, there was the long and complicated discussion on the new adjustment programme for Greece. And now, in an area very much outside the ECB’s competence, there is the challenge of harbouring a large number of refugees that had to leave their homes behind. Both these events – although very different in nature – have shown again that Europe can only be strong if it acts in unity on the basis of solidarity and cooperation. This is a lesson we should draw also for the challenges to come.
In my remarks today, I would like to discuss two main topics: first, our assessment of the latest economic developments and its implications for our monetary policy stance; second, the proposals my colleagues and I presented in the Five Presidents’ Report.
Economic developments and monetary policy
Turning to the first topic, let me give you an overview of the economic developments since the last hearing in June. Over the summer, industrial production and other indicators of economic activity showed signs of resilience. At the same time, the macroeconomic environment has become more challenging. Our September macroeconomic projections indicated a weaker economic recovery and a slower increase in inflation rates than we had expected earlier this year. The inflation rate will remain close to zero in the very near term, before rising again towards the end of the year. It will take somewhat longer than previously anticipated for it to converge back to and stabilise around levels that we consider sufficiently close to 2%.
Slowing growth in emerging market economies, a stronger euro and the fall in oil prices and in commodity prices more generally are the main causes for these developments. As a result, renewed downside risks to the outlook for growth and inflation have emerged. For many of these changes, it is too early to judge with sufficient confidence whether they will cause lasting slippage from the trajectory that we initially expected inflation to follow when we decided to expand our asset purchase programme in January. More time is needed to determine in particular whether the loss of growth momentum in emerging markets is of a temporary or permanent nature and to assess the driving forces behind the drop in the international price of commodities and behind the recent episodes of severe financial turbulence. We will therefore monitor closely all relevant incoming information and its impact on the outlook for price stability.
Our monetary policy measures in place, including the TLTROs, continue to have a favourable impact on the cost and availability of credit for firms and households. They have so far prevented a measurable tightening in financial conditions for the real economy despite the recent surge in financial volatility. The sustained decline in the cost of borrowing is strengthening domestic demand, by supporting durable goods consumption and stimulating investment particularly by small and medium-sized businesses. This is making the euro area economy more resistant to external shocks.
Should some of the downwards risks weaken the inflation outlook over the medium term more fundamentally than we project at present, we would not hesitate to act. The asset purchase programme has sufficient in-built flexibility. We will adjust its size, composition and duration as appropriate, if more monetary policy impulse should become necessary.
I am aware that many of you closely scrutinise the potential effect of the low interest rate environment on financial stability; ECON coordinators chose this as one of the topics for today. Building on what I said during the hearing in March, let me underline that we are closely monitoring risks to financial stability, but we do not see them materialising for the moment. Should this be the case, macroprudential policy – not monetary policy – would be the tool of choice to address these risks.
Here, we can build on the recent experience in developing these tools: over the last two years, national authorities in Europe have been active in introducing macroprudential policies, such as caps on loan-to-value or debt-to-income ratios to structurally strengthen the mortgage market and to counter growth in real estate prices as well as mortgage loans. Similarly, to strengthen the banking system, countries have introduced systemic risk buffers, in addition to the buffers for globally systemic banks and other important institutions. However, these macroprudential instruments mainly cover lending through the banking sector. As there are signs that the financing of the euro area economy has tended to shift to non-banks, the coverage of the macroprudential framework needs to start being extended to the shadow banking sector so as to address risks in the financial sector as a whole.
I would also like to say a few words about Greece. During the last hearing in June, I called for a comprehensive and fair agreement with Greece. In the following weeks, coming to such an agreement was very difficult and necessitated tremendous efforts from all those involved. But I am grateful that in the end, an agreement was reached. If it is completely implemented, the new programme will put Greece in a position to grow again and to reap the full benefits of participating in our common currency. The ECB contributed, in line with the provisions laid out in the legal framework, to the negotiation of the programme. In addition, the ECB closely monitored the provision of emergency liquidity assistance by the Bank of Greece according to our rules, taking into account the prospect of a successful completion of the negotiations at any point in time.
Completing EMU: following up on the Five Presidents’ Report
The negotiations over the summer revealed again the fact that our institutional framework is still not commensurate with the requirements of sharing one currency. In the Five Presidents’ Report that we published shortly after the last hearing, the five authors shared one common conviction, namely that to make monetary union stable and prosperous, a more complete union is necessary. But we did not only outline this common conviction; we also presented a concrete roadmap showing how to attain this objective. This roadmap should now guide our discussions in the months to come.
From our perspective, two elements are of particular importance. First, despite the best efforts of all actors involved, the crisis has shown that monetary union requires a political centre; a centre that can take the relevant fiscal, economic and financial decisions for the euro area as a whole in a swift and transparent manner with full democratic legitimacy and a clear set of responsibilities given to it by the legislators. It is in this spirit that I have called repeatedly for a move from rules-based coordination to sharing of sovereignty within common institutions. The report proposes a euro area treasury as one example. Such ideas now need to be spelled out.
But we should also go further with regard to our policies. The report makes clear that EMU will also need to strengthen its tools to manage and prevent the build-up of fiscal, financial and other macroeconomic risks. In the last few years, notably with the reforms strengthening the economic governance framework and setting up the ESM, SSM and SRM, we have made important first steps in improving our crisis prevention and crisis management toolkit. But we are not there yet.
Most imminently, we should move towards completing banking union through a common backstop for the Single Resolution Fund and through a European deposit insurance scheme. Both are essential to create a truly single banking system to mirror our single currency, and both are crucial to underpin the credibility of banking union and finally achieve its initial promise, namely breaking the bank-sovereign nexus, making the financial system more resilient, and protecting the interests of taxpayers. At the same time – going beyond the confines of the banking sector and banking union – we must make progress in developing a capital markets union to enhance further the scope for cross-border private risk-sharing.
In addition, we need to prevent imbalances – whatever their nature – from developing into a crisis environment.
Therefore, we need a new convergence process based on the capacity of our economies to withstand shocks and grow out of them quickly. This would imply not only a more robust financial system as just described, but also stronger governance over structural reforms and a tighter control of national fiscal policies. To ensure that Member States can adjust to shocks, whatever their size, we will also need to add a layer of fiscal stabilisation at the European level.
Taken together, these steps towards completing EMU would help to make the euro area not only survive, but thrive and prosper.
On that note, I am now looking forward to your questions.
Source: ECB statement
Ii trag tare cu "adnacirea" EMU-UEM-ului ...
Adauga un comentariu
Adauga un comentariu folosind contul de Facebook
Alte stiri din categoria: Noutati BCE
Mario Draghi, President of the ECB,
Vítor Constâncio, Vice-President of the ECB,
Frankfurt am Main, 14 December 2017 INTRODUCTORY STATEMENT Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press detalii
Sustaining openness in a dynamic global economy Speech by Mario Draghi, President of the ECB, at the Economic Policy Symposium of the Federal Reserve Bank of Kansas City, Jackson Hole, 25 August 2017 The global recovery is firming up. In some countries detalii
Decizii de politică monetară (comunicat de presa al BCE) În ședința de astăzi, Consiliul guvernatorilor BCE a hotărât ca rata dobânzii la operațiunile principale de refinanțare și ratele dobânzilor la facilitatea de creditare marginală detalii
Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 9 March 2017 Introductory statement to the press conference (with Q&A): Ladies and gentlemen, the Vice-President and I are very pleased to detalii
Sorin Serban, Vicepresedinte Restructurari si Recuperare Credite
24 Februarie 2012 – Sorin Şerban a fost ... vezi profil
- Topul bancilor dupa active in 2017
- Topul bancilor cu cele mai mici comisioane la contul curent cu card si online banking
- Topul bancilor dupa active in 2016
- Topul bancilor dupa active in 2015
- Topul bancilor dupa active in 2014
- ROBOR-ul reactioneaza la restrictiile de creditare ale BNR
- Roborul profita de Isarescu
- ROBOR la 6 luni - evolutie istorica
- BNR propune Parlamentului plafonarea dobanzilor la creditele bancilor intre 1,5 si 4 ori peste DAE medie, in functie de tipul creditului; in cazul IFN-urilor, plafonarea dobanzilor nu se justifica
- Legile privind plafonarea dobanzilor la credite si a datoriilor preluate de firmele de recuperare se discuta in Parlament (actualizat)
- Legea privind plafonarea dobanzilor la credite nu a fost inclusa pe ordinea de zi a comisiilor din Camera Deputatilor
- Senatorul Zamfir, despre plafonarea dobanzilor la credite: numai bou-i consecvent!
- Parlamentul dezbate marti legile de plafonare a dobanzilor la credite si a datoriilor cesionate de banci firmelor de recuperare (actualizat)
- Creditele noi acordate de banci au crescut in februarie, dupa cinci luni consecutive de scadere
- Numarul restantierilor din Biroul de Credit urca la cel mai ridicat nivel din ultimele sase luni
- Cate credite noi in euro au acordat bancile in 2017
- Statisticile creditelor acordate de banci populatiei (decembrie 2017)
- Statisticile creditelor acordate de banci firmelor (decembrie 2017)
- Ordonanta de Guvern nr. 21/1992 privind protectia consumatorilor (versiune actualizata)
- Regulament BNR privind institutiile emitente de moneda electronica
- Ordonanta de Urgenta (OUG) nr. 50 din 2010 privind contractele de credit pentru consumatori, actualizata
- Noul Cod Civil
- Legea 677 din 2001 privind protectia datelor personale
- Economistii Bancii Transilvania estimeaza decelerarea PIB-ului de la 7% in 2017 la 4,2% in 2018
- Cresterea economica este nesustenabila, avertizeaza economistii Bancii Transilvania
- Estimarile economice din Romania sunt modeste, in pofida conditiilor financiare bune (studiu GfK)
- National Bank of Romania could leave unchanged the key rate in 2017
- Poland: EU funds - key factor for growth next year
- Alpha Bank isi inchide sucursalele si aplicatia de online banking la ora 14 si le deschide abia luni, la 8
- OTP Bank isi anunta clientii ca trebuie sa-si actualizeze datele personale pana in 5 decembrie, altfel banca le va bloca conturile si cardurile
- Banca Transilvania inventeaza POS-uri in forma de cutii de donatii
- Programul agentiilor Raiffeisen Bank in perioada Sarbatorilor de Pasti
- CEC Bank isi informeaza clientii ca serviciile de internet banking si mobile banking nu vor functiona de vineri seara pana duminica seara
- Intrebari frecvente despre Biroul de Credit
- Lista bancilor si IFN-urilor care-si raporteaza clientii la Biroul de Credit
- Cum pot fi sters din Biroul de Credit?
- Termenul de depunere a declaratiei unice a fost prelungit pana la 31 iulie
- Romanii au cumparat titluri de stat Centenar in valoare de 786 milioane lei
- Populatia poate cumpara titluri de stat cu dobanda de 5%, de la Trezorerii sau Posta
- Titlurile de stat pentru populatie prin Programul Tezaur se vor distribui si prin Posta Romana
- Ministerul Finantelor amana cu trei luni sanctiunile pentru nedotarea magazinelor cu aparate de marcat electronice
- Clauza abuziva intr-un contract de credit al BRD
- BRD a fost obligata de judecatori sa explice cum au avut loc fraudele din 2008-2011
- BRD contesta in justitie o decizie a ANAF
- Curtea Constitutionala respinge contestatiile Credit Europe Bank la legea darii in plata
- Procesul dintre Lucian Isar si Banca Comerciala Feroviara
- Enel vrea sa-si treaca clientii pe piata libera
- Oamenii reclama ca nu pot cumpara titluri de stat Centenar la Posta prin transfer bancar sau card, ci doar cu numerar
- Vodafone si Orange, amendate de ANCOM pentru ca si-au suprataxat clientii pentru convorbirile roaming in strainatate
- Ministerul Finantelor anunta ca introduce Declaratia Unica pentru persoanele fizice care realizeaza venituri din activitati economice sau alte categorii de venituri
- Ministerul Finantelor a imprumutat 2 miliarde euro de pe pietele internationale
- Numarul fimelor active din Romania, conform statisticilor Registrului Comertului
- Evolutia istorica a cresterii anuale a Produsului Intern Brut (PIB), conform datelor Institutului National de Statistica (INS)
- Evolutia istorica a valorii Produsului Intern Brut (PIB), conform datelor Institutului National de Statistica (INS)
- Transferurile de bani ale romanilor din strainatate au ajuns la 2,1 miliarde euro anul trecut, conform statisticilor Eurostat
- Salariul mediu net si brut lunar pe economie - evolutie istorica intre in anii 1991 - 2016, conform datelor Institutului de Statistica (INS)
- ECB: Insights into the digital transformation of the retail payments ecosystem
- ECB introductory statement on Governing Council decisions
- Speech by Mario Draghi, President of the ECB: Sustaining openness in a dynamic global economy
- Deciziile de politica monetara ale BCE
- Mario Draghi, President of the ECB: Introductory statement to the press conference (with Q&A)
- EBA launches 2018 EU-wide transparency exercise
- EBA issues first binding mediation decision between the SRB and the NBR
- Asset repricing, cyber-attacks and Brexit are key risks for EU financial markets, shows ESA report
- EBA publishes its Roadmap on FinTech
- EBA launches 2018 EU-wide stress test exercise
- Peste 80% din depozitele bancare sunt garantate
- Depozitele bancare nu intra in campania electorala
- FGDB explica modul de aplicare a procedurii de recapitalizare interna a unei banci cu depozitele negarantate ale clientilor (bail-in)
- Valoarea depozitelor garantate de FGDB a crescut cu 50 miliarde lei in ultimul an, la 221 miliarde lei in total
- FGDB aminteste ca toate conturile si depozitele din bancile romanesti sunt garantate in limita a 100.000 de euro
- IMF statement of the 2018 Article IV Mission to Romania
- Jaewoo Lee, new IMF mission chief for Romania and Bulgaria
- IMF concludes article IV consultation with Romania
- IMF statement on the stability of the banking system in Ukraine
- Global House Prices: Time to Worry Again?
- BERD dezvaluie cat a platit pe actiunile Piraeus Bank
- ING Bank si BERD finanteaza parcul logistic CTPark Bucharest
- EBRD hails Moldova banking breakthrough
- Banca Transilvania and EBRD become majority shareholders of Victoriabank in Moldova
- BERD devine actionar Agricover Holding
- Federal Reserve urca dobanda la 2,25%
- Federal Reserve decided to maintain the target range for the federal funds rate at 1-1/2 to 1-3/4 percent
- Federal Reserve majoreaza dobanda de referinta pentru dolar la 1,5% - 1,75%
- Federal Reserve issues FOMC statement
- A Challenging Decade and a Question for the Future (speech by Janet Yellen, The Fed chair)
- Romania implements SME Initiative: EUR 580 m for Romanian businesses
- European Investment Bank (EIB) is lending EUR 20 million to Agricover Credit IFN
- Cardul de masa BT poate fi inregistrat in BT Pay, pentru platile cu telefonul
- BCR a lansat noua platforma de online banking, George
- BBVA ofera open banking
- Horum Bank, banca poloneza bazata pe tehnologia blockchain
- Nicio zi la ING fara o problema la Home Bank
- Obligatiunile Bancii Transilvania se tranzactioneaza la Bursa de Valori Bucuresti
- Obligatiunile Good Pople SA (FRU21) au debutat pe piata AeRO
- BVB avertizeaza doua firme ca nu si-au respectat obligatiile de raportare
- Raiffeisen Centrobank (RCB) a lansat produse de investitii tip warrant la BVB
- BVB a initiat procesul de fuziune cu Sibex
- Infringements: Commission refers Greece, Ireland and Romania to the Court of Justice for not implementing anti-money laundering rules
- Council of the European Union statement on Bulgaria path towards ERM II participation
- Romania, pe ultimul loc in Europa la digitalizare
- Platile in euro vor avea aceleasi comisioane ca cele in lei, a decis Comisia Europeana
- Comisia Europeana prezinta un plan de actiune pentru tehnologiile financiare (FinTech)
vreau sa fiu sters din birouri de credite cat de repede daca se ... detalii
Am nevoe de bani va rog sa ma ajutati
Ce sanse are un self employed in uk la un credit ipotecar in ... detalii
Imprumut daca lucrez in strainatate
Catalin, pentru a obtine un imprumut pentru cumpararea unei locuinte nu trebuie sa aveti o alta ... detalii
Cum verificati Pilonul II de pensii
Puteti sa verificati situatia contului la Pilonul II de pensii pe site-ul Autoritatii de ... detalii