Sabato, 20 Ottobre 2018

Slight recovery in 2013, reforms must continue, says Draghi


Frankfurt, January 10 - The European Central Bank
(ECB) at its meeting today voted unanimously to keep interest
rates at 0.75%, while a slight recovery is in the cards for
2013, ECB President Mario Draghi said on Thursday.
''The economy should recover gradually during the year due to
our accommodating monetary policy and improving market trust. As
far as the economic outlook for the eurozone, we see risks
continuing to decline,'' Draghi said. ''Our mandate is to keep
prices stable, and not to seek full employment like the (US)
Federal Reserve.''
While banks are ''still risk-averse'', credit conditions
will improve in 2013, Draghi said, pointing to the growth in
deposits in so-called peripheral countries and to a general
improvement in funding and liquidity.
Shoring up banks is crucial to ensuring monetary policies
are enacted effectively, Draghi explained. The ECB's role as
sole supervisor over failed European lenders is ''a crucial
move'' in shoring up the continent's financial system and making
integration a reality.
''There are signs of improvement as far as eurozone
fragmentation, but this has not translated to the real economy
yet,'' Draghi explained.
The ECB is not yet contemplating an exit from extraordinary
bailout measures. This will be done when it is ''natural'', he
said. The first two mega bank bailouts, for example, ''were
fundamental in adverting'' negative scenarios. The anti-spread
shield will not be activated without a well-defined plan linked
to several conditions, he said.
Draghi went on to say it is essential to continue
rebalancing budgets, and that eurozone countries must become
competitive once more. ''Structural reforms are fundamental to
correcting imbalances between eurozone countries,'' Draghi said.
''On the institutional level, the post-financial crisis
situation has improved because national oversight agencies have
become much more vigilant.''

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