Page last updated at 10:58 GMT, Tuesday, 9 October 2012 11:58 UK

ECB chief Draghi warns on eurozone economy

The President of the European Central Bank, Mario Draghi, has warned that the short term economic outlook for the eurozone remains "weak", and that there is still a "crisis of confidence".

Giving evidence to MEPs on 9 October 2012, he said that the road to economic recovery was "long and uphill", but said there had been improvements in recent months.

Last month the European Central Bank (ECB) announced a plan to buy the bonds of struggling economies as a way of easing the sovereign debt crisis.

This would involve buying an "unlimited" amount of bonds of countries such as Spain and Italy, on the condition that these countries made a formal request for bailout funds and stuck to the terms of any deal.

Spain has already had eurozone assistance for its banking sector, but fears are growing that it may be forced to ask for a formal bailout, similar to that received by Greece.

Mr Draghi said the proposals could "avoid destructive scenarios".

Conservative MEP Derk-Jan Eppink questioned Mr Draghi on transparency of the ECB, urging him to publish the minutes of the governing board.

Mr Draghi responded that the ECB was "way more transparent than any central bank in the world", and said that a lack of minutes did not signify a lack of transparency.

He also commented on his dual role as head of the European Systemic Risk Board, saying that the result of a process to identify weaknesses and vulnerabilities in Europe's financial sector would be published "early in 2013".

Economic and Monetary Affairs Committee
  • Sharon Bowles (ALDE, UK) Chair
  • José Garcia-Margallo (EPP, Spa) Vice-Chair
  • Arlene McCarthy (S&D, UK) Vice-Chair
  • Edward Scicluna (S&D, Mal) Vice-Chair
  • Theodor Stolojan (EPP, Rom) Vice-Chair
  • Burkhard Balz (EPP, Ger)
  • Slavi Binev (NI, Bul)
  • Godfrey Bloom (EFD, UK)
  • Udo Bullmann (S&D, Ger)
  • Pascal Canfin (GRN/EFA, Fra)
  • Nikolaos Chountis (GUE, Gre)
  • George Cutas (S&D, Rom)
  • Rachida Dati, EPP, Fra
  • Leonardo Domenici (S&D, Ita)
  • Derk Jan Eppink (ECR, Bel)
  • Diogo Feio (EPP, Por)
  • Markus Ferber (EPP, Ger)
  • Elisa Ferreira (S&D, Por)
  • Vicky Ford (ECR, UK)
  • Jean-Paul Gauzés (EPP, Fra)
  • Sven Giegold (GRN/EFA, Ger)
  • Sylvie Goulard (ALDE, Fra)
  • Eniko Gyori (EPP, Hun)
  • Liem Hoang Ngoc (S&D, Fra)

  • Gunnar Hökmark (EPP, Swe)
  • Eva Joly (GRN/EFA, Fra)
  • Othmar Karas (EPP, Aus)
  • Wolf Klinz (ALDE, Ger)
  • Jürgen Klute (GUE, Ger)
  • Rodi Kratsa-Tsagaropoulou (EPP, Gre)
  • Werner Langen (EPP, Ger)
  • Astrid Lulling (EPP, Lux)
  • Hans-Peter Martin (NI, Aus)
  • Inigo Mendez de Vigo (EPP, Spa)
  • Slawomir Nitras (EPP, Pol)
  • Ivari Padar (S&D, Est)
  • Rolandas Paksas (EFD, Lit)
  • Alfredo Pallone (EPP, Ita)
  • Anni Podimata (S&D, Gre)
  • Antolin Sanchez Presedo (S&D, Spa)
  • Olle Schmidt (ALDE, Swe)
  • Peter Simon (S&D, Ger)
  • Peter Skinner (S&D, UK)
  • Ivo Strejck (ECR, Cze)
  • Kay Swinburne (ECR, UK)
  • Marianne Thyssen (EPP, Bel)
  • Ramon Tremosa i Balcells (ALDE, Spa)
  • Corien Wortmann-Kool (EPP, Net)

Useful links:

A disclaimer on the use of simultaneous interpretations, on the European Parliament's website.


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