During the EP plenary session (21-24/11) in Strasbourg MEPs debate on the European Central Bank annual report for 2015. Statements by Ramon TREMOSA i BALCELLS (ALDE, ES), Rapporteur and Mario DRAGHI, President of the European Central Bank (ECB).

statement

Strasbourg

plenary session

European Central Bank

DRAGHI, Mario (IT)

European Central Bank annual report (T)

TREMOSA i BALCELLS, Ramon (ALDE, ES)

European Central Bank annual report for 2015: extracts from the statement by Mario DRAGHI, President of the ECB

SOUNDBITE (English), Ramon TREMOSA i BALCELLS (ALDE, ES), Rapporteur, We believe that the Assets Purchase Programme should be redirected away from public debt buying into investment assets related to the EIB. The ECB should try harder in buying assets like a new wave of project bonds related to EU projects with clear EU added value.

SOUNDBITE (English), Ramon TREMOSA i BALCELLS (ALDE, ES), Rapporteur We need investment, but smart investment. No more airports without planes. No more high-speed trains without passengers, no more roads without trucks and cars.

SOUNDBITE (English), Mario DRAGHI, President of the European Central Bank, The return of inflation towards our objective still relies on the continuation of the current, unprecedented level of monetary support, in spite of the gradual closing of the output gap. It is for this reason that we remain committed to preserving the very substantial degree of monetary accommodation necessary to secure a sustained convergence of inflation towards levels below, but close to, 2% over the medium term.

SOUNDBITE (English), Mario DRAGHI, President of the European Central Bank, By supporting the recovery, our monetary policy measures are supporting a return towards higher rates of return. In other words, low interest rates today are necessary for a return to higher interest rates in the future.

SOUNDBITE (English), Mario DRAGHI, President of the European Central Bank, With a view to creating liquid markets of distressed debt, efforts will be required to foster the development of an NPL (Non-performing Loan) servicing industry, to improve data quality and access, and to remove tax and legal impediments to debt restructuring.

SOUNDBITE (English), Mario DRAGHI, President of the European Central Bank, A stable, profitable and competitive financial sector is essential for sustainable economic growth. But the reverse is also true. This is why we need more decisive action to raise the potential growth rate of the economy.

SOUNDBITE (English), Mario DRAGHI, President of the European Central Bank, Fiscal policies should also support the economic recovery, while remaining in compliance with the fiscal rules of the European Union. For instance, a more growth-friendly composition of fiscal policies could boost growth.

SOUNDBITE (English), Mario DRAGHI, President of the European Central Bank, During our last plenary exchange in February I said that the cohesion of Europe was being tested. Since then, the challenges have increased. It is now more than ever important and necessary that Europe responds cohesively and decisively to the challenges it is facing.