Mario Draghi - Hearing at the European Parliament’s Economic and Monetary Affairs Committee
Hearing at the European Parliament’s Economic and Monetary Affairs Committee
Introductory statement by Mario Draghi, President of the ECB,
Brussels, 12 November 2015
Honourable members of the Economic and Monetary Affairs Committee,
Ladies and gentlemen,
I am pleased to be back again with this committee for the last hearing of 2015. The ECB’s accountability to you, the European Parliament, is a central counterpart to the ECB’s independence. And transparency is a precondition for your holding us to account. As you are aware, following a public access request, last week we released the diaries of all members of the ECB’s Executive Board ‒ including my own ‒ for the period from August 2014 to end-July 2015. But we will not stop there. Starting next February, we will publish these diaries on a monthly basis.
It is only natural that some of you will raise questions with regard to the meetings my colleagues and I have had; after all, the whole point of publishing the diaries is to give the public and you a better understanding of with whom we are interacting. But let me be very clear: whatever the date, we have had and still have a clear rule – we do not discuss market-sensitive information in non-public meetings. For our monetary policy to be effective, however, it is important to meet market participants and to also hear their views.
For the remainder of my remarks, I will mainly talk about two issues: first, our current economic outlook and the upcoming reassessment of it at our December meeting; and second, as requested by ECON coordinators, the macroeconomic adjustment programmes over the last half-decade and the ECB’s role in them.
Economic developments and monetary policy
Incoming data confirm that the recovery in the euro area is progressing moderately. So far, economic activity in the euro area has shown some degree of resilience in the face of external influences that tend to weaken demand. While external demand has receded, euro area exports market shares have increased. The lower cost of energy and our monetary policy measures are supporting consumption and, increasingly, new capital formation.
However, downside risks stemming from global growth and trade are clearly visible. Moreover, inflation dynamics have somewhat weakened, mainly due to lower oil prices and the delayed effects of the stronger euro exchange rate seen earlier in the year. In addition, price pressures – such as from producer prices – remain very subdued.
Signs of a sustained turnaround in core inflation have somewhat weakened. While the recovery will gradually strengthen the impulse underlying the inflation process, the protracted economic weakness of the past years continues to weigh on nominal wage growth, and this could moderate price pressures as we move forward. From today’s perspective, this suggests that a sustained normalisation of inflation could take longer than we anticipated in March when we first appraised the overall impact of our measures.
We will closely monitor the risks to price stability and thoroughly assess the strength and persistence of the factors that are slowing the return of inflation to levels below, but close to, 2%. At our December monetary policy meeting, we will re-examine the degree of monetary policy accommodation.
We will use as one input the Eurosystem staff projections we will receive in December. Another input will be the work of our staff in consultation with the Eurosystem committees on the monetary policy stimulus that has been achieved so far and the range of instruments available in case more accommodation should be seen as necessary.
If we were to conclude that our medium-term price stability objective is at risk, we would act by using all the instruments available within our mandate to ensure that an appropriate degree of monetary accommodation is maintained. Consistent with our forward guidance, the asset purchase programme is considered to be a particularly powerful and flexible instrument.
In fact, we have always said that our purchases would run beyond end-September 2016 in case we do not see a sustained adjustment in the path of inflation that is consistent with our aim of achieving inflation rates below, but close to, 2% over the medium term. Other instruments could also be activated to strengthen the impact of the purchase programme if necessary.
The ECB and the macroeconomic adjustment programmes
Let me now turn to a topic that the Chair has asked me specifically to address, namely the macroeconomic adjustment programmes and the ECB’s role in their negotiation and monitoring. Benoît Cœuré spoke on this topic here last year, so I will be brief; but of course, we can discuss more during the Q&A session if you wish.
To understand our role in the programme work, one needs to recall the initial conditions in which the programme setup was established. In spring 2010 there was no framework in place at the European level to negotiate and monitor adjustment programmes. In this situation, Member States turned to the IMF and the Commission for help, and they also asked the ECB to contribute its expertise at a time when Europe needed it most.
This setup was codified in the ESM Treaty and by the co-legislators in the two-pack; the ECJ confirmed its legality. In line with this, the ECB has since provided its advice in programmes in five Member States. But we should not forget that the respective national governments are responsible for programme implementation, while the final responsibility for programme design and the disbursement of financial assistance lies with the Eurogroup.
Since 2010, three countries have now successfully completed their programmes, and Ireland is a particularly good example of how such programmes can deliver the necessary adjustment and restore financial stability, economic competitiveness and fiscal sustainability. It has shown that a country which takes strong ownership of its programme can come out of it with robust growth and a more stable financial system, and that eventually employment will also rebound.
There is no doubt that the adjustment process was painful. But we should keep in mind that the adjustment would have caused significantly more hardship in the absence of financial assistance. The programmes had to address excessive macroeconomic imbalances which had accumulated over several years in the run-up to the crisis, often reflecting misguided national economic policies. As we have said before: don’t blame the fire damage on the fire brigade.
Throughout the programmes in Ireland and elsewhere, the ECB has played the role assigned to it under the Treaty – to be the central bank for the euro area and to provide liquidity to financial institutions, including those in programme countries, when warranted. At times, this meant that risk-management considerations made it necessary for us to consider the progress of programme implementation when deciding on provision of further liquidity if the soundness of the domestic financial sector was intimately linked to programme success. We did so in full accordance with our rules and legal framework and in full independence. This was the case for Ireland. And this continues to be the case for Greece and Cyprus.
Please allow me to conclude.
Five years ago, the programme framework came to life. It is certainly part of our path toward a genuine Economic and Monetary Union to integrate the European Stability Mechanism and the related programme work fully into the legal framework of the European Union; we again called for this most recently in the Five Presidents’ Report. But it is even more important that we take decisive steps to avoid a Member State needing a programme in the first place. That is why completing the banking union, embarking on a new economic convergence process towards more resilient economies and achieving a fiscal union that ensures both fiscal sustainability and fiscal stabilisation are all crucial to providing a long-term vision of where EMU is heading. The Commission package adopted three weeks ago is a first step in this direction. But more will need to follow.
Thank you for your attention, and I am now looking forward to your questions.
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 Mititelu, Director Executiv Directia Managementul Segmentelor Retail
Sorin Mititelu, Director Executiv Direcţia ... vezi profil
- Topul bancilor dupa active in 2016
- Topul bancilor dupa active in 2015
- Topul bancilor dupa active in 2014
- Cota de piata a bancilor dupa active la finalul anului 2013, conform datelor BNR
- Topul bancilor cu cele mai mici comisioane la internet banking
- Parlamentul dezbate marti legile de plafonare a dobanzilor la credite si a datoriilor cesionate de banci firmelor de recuperare (actualizat)
- Legea impotriva camatariei va deveni o lege in favoarea camatariei, avertizeaza profesorii de economie, intr-o scrisoare deschisa adresata Parlamentului
- Cum se plafoneaza dobanzile la credite in Europa si ce efecte au: lectii din care putem invata
- Bancile se declara "profund ingrijorate de consecintele negative ale proiectelor de lege privind sectorul financiar-bancar"
- BNR, despre plafonarea dobanzilor: este absolut necesar ca orice masuri de reglementare sa se realizeze cat mai echilibrat
- 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)
- Noul Cod Civil
- Legea 677 din 2001 privind protectia datelor personale
- Directiva privind Serviciile de Plata (PSD)
- Hotararea Guvernului nr. 2/2018 pentru modificarea si completarea Hotararii Guvernului nr. 717/2009 privind aprobarea normelor de implementare a programului "Prima casa"
- Normele metodologice pentru aplicarea Ordonantei de urgenta a Guvernului nr. 193/2002 privind introducerea sistemelor moderne de plata
- 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
- 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
- HSBC, by first direct and Bud, is trialling an open banking app model
- Probleme cu autorizarea platilor online cu carduri Mastercard si Maestro
- Sistemul informatic al Raiffeisen (carduri, ATM-uri, POS-uri, online banking) nu a functionat in aceasta dimineata
- MFP simplifica si eficientizeaza achizitiile publice
- Ministerul Finantelor Publice supune dezbaterii publice un proiect de ordonanta de urgenta pentru stimularea investitiilor, sprijinirea entitatilor nonprofit si alte masuri de eficientizare
- Curtea Constitutionala respinge contestatiile Credit Europe Bank la legea darii in plata
- Procesul dintre Lucian Isar si Banca Comerciala Feroviara
- Raiffeisen Bank pierde un proces cu ANPC
- Instanta constata caracterul abuziv al dobanzii variabile din contractele de credit ale BCR
- Clauze abuzive in contractele de credit ale Raiffeisen
- 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
- Ministerul Finantelor pregateste noi formulare de plata a CAS si CASS, in locul Declaratiei 600
- Guvernul a alocat garantii de 2 miliarde lei pentru Programul Prima Casa in 2018
- 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)
- 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
- Opinion on the use of innovative solutions in the customer due diligence process
- EBA Risk Dashboard
- 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?
- 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
- Life satisfaction: the pursuit of happiness - EBRD study
- 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)
- Janet Yellen speech: Financial Stability a Decade after the Onset of the Crisis
- Janet Yellen - Semiannual Monetary Policy Report to the Congress
- Romania implements SME Initiative: EUR 580 m for Romanian businesses
- European Investment Bank (EIB) is lending EUR 20 million to Agricover Credit IFN
- 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)
- 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
Atata timp cat nu esti protejat, sunt riscuri foarte mari ... detalii
Rusine Silviu Paul Anghel
Bre nea Silviule, dar pe BCR de ce o protejezi ca pe copilul tau atunci cand vine vorba de ... detalii
Creditul in Romania este un cancer!
Rusine. Cand a fost BNR de acord cu ceva legat de protectia cetatenilor? De 10 ani tine de 6 pentru ... detalii
Unele IFN-uri sunt infiintate de banci si de acolo le vor veni dobanzi exorbitante fara a pata ... detalii
Eu cred că plafonarea sumei la o valoare de 100% este prea mare.... Ar trebui făcută pe praguri ... detalii