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Draghi says high debt countries must not row back on budget goals

May 8, 2013 18:33
ROME (Reuters) - The euro zone must keep control of its public finances and high debt countries in particular must not reverse budget reforms, European Central Bank President Mario Draghi said on Monday. In a speech delivered in Rome, Draghi addressed growing concern among governments and policymakers at the social strains appearing in many countries as efforts to contain the bloc's sovereign debt crisis crush economic growth. But he said there could be no prospect of sustainable growth without sound public finances.

Draghi says ECB ready to act as economy weakens

May 8, 2013 18:05
By James Mackenzie and Gavin Jones ROME (Reuters) - European Central Bank President Mario Draghi departed from a prepared speech on Monday to reiterate the central bank's readiness to cut interest rates again if the euro zone economy deteriorates further. The euro hit session lows against the dollar and the yen after Draghi said in Rome the ECB would monitor incoming data closely and would be ready to cut rates further, including the deposit rate currently at zero. "We stand ready to act again," Draghi said.

ECB policymakers play down prospect of deposit rate cut

May 8, 2013 17:28
By Michael Winfrey and Jan Lopatka BRATISLAVA (Reuters) - European Central Bank policymakers played down on Friday prospects of the bank cutting its deposit rate below zero any time soon, saying it was just one of several possible treatments for the sickly euro zone economy. ECB President Mario Draghi said on Thursday the ECB was "technically ready" to shift the deposit rate into negative territory, meaning it would start charging lenders for holding their money overnight - a thorny issue for already strained financial markets.

ECB seeks way to unblock credit to SMEs

Agence France-PresseMay 2, 2013 11:30
The European Central Bank said Thursday it is seeking ways to get credit flowing to small and medium-sized companies in the countries worst hit by the debt crisis. ECB chief Mario Draghi said the bank has decided to consult "other European institutions on initiatives to promote a functioning market for asset-backed securities collateralised by loans to non-financial corporations." ECB watchers and analysts see the European Investment Bank as playing a key role.

European Central Bank cuts key rate to new low of 0.5 per cent to help kick-start euro economy

The Canadian PressMay 2, 2013 08:15
FRANKFURT - The European Central Bank cut its key interest rate to a record low 0.50 per cent Thursday and announced other measures to spur lending and help lift the euro area out of a stubborn recession. The bank also extended its offer of unlimited, cheap loans to banks at least through July 2014. Previously, the ECB had planned to end the program as soon as this July The ECB lowered its benchmark refinancing rate from 0.75 per cent, as expected, at a meeting of its rate-setting council in Bratislava, Slovakia.

ECB's Draghi sees gradual H2 recovery in euro zone

April 16, 2013 11:30
STRASBOURG, France (Reuters) - The European Central Bank expects the euro zone economy to recover gradually in the second half of this year, though this outlook is subject to "downside risks", ECB President Mario Draghi said on Tuesday. In prepared remarks delivered to the European Parliament, Draghi stuck closely to the outlook he gave after the ECB's policy meeting earlier this month, when he said the central bank was "ready to act" to boost the recession-hit euro zone economy.

ECB urges Cyprus to ease up on central bank chief

April 12, 2013 07:01
ECB chief Mario Draghi has written to Cypriot President Nicos Anastasiades, urging him to let the embattled head of the central bank get on with his job, a source close to the matter said on Friday. "There is a letter which requests respect for the Cypriot central bank's independence and to refrain from bringing pressure" to bear on its governor Panicos Demetriades, the source told AFP. The ECB declined to comment.

ECB's Draghi cautions over inquiry against Cyprus governor - letter

April 11, 2013 17:15
By Michele Kambas NICOSIA (Reuters) - ECB President Mario Draghi has cautioned Cyprus that an investigation against the governor of its central bank, a move that could lead to his dismissal, may violate EU law and could land the island in the European Court of Justice.

Trichet confident of 'appropriate' Cyprus solution

March 20, 2013 07:01
Former ECB president Jean-Claude Trichet said Wednesday he was confident an "appropriate" solution will be found for Cyprus's banking crisis, despite lawmakers rejecting contentious bailout terms. "The will of the international community to help is obvious, and I am confident that they will find an appropriate solution," he told the Wall Street Journal at an investment conference in Hong Kong.

Draghi says ECB monetary policy fragmented

March 19, 2013 04:30
FRANKFURT (Reuters) - A fragmented financial market in Europe has led to the fragmentation of the European Central Bank's single monetary policy, ECB President Mario Draghi said on Tuesday. "As you will be aware, the disruptive effects of severe fragmentation in the single financial market have tangible consequences, such as diverging funding costs for banks," Draghi said in the text of a speech for delivery in Frankfurt.
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