Debate with Mario DRAGHI, President of the ECB, on the Monetary Dialogue&nbsp;at the Committee on Economic and Monetary Affairs (ECON)&nbsp;in the EP in Brussels. Statements by Brian HAYES (EPP, IE), Mario DRAGHI, President of the European Central Bank, and Notis MARIAS (ECR, EL).

Brussels

debate

meeting

MARIAS, Notis (ECR, EL)

DRAGHI, Mario (IT)

monetary dialogue with the ECB (T)

Committee on Economic and Monetary Affairs

HAYES, Brian (EPP, IE)

Monetary Dialogue with Mario DRAGHI, President of the ECB : extracts from the debate at the Committee on Economic and Monetary Affairs

SOUNDBITE (English), Mario DRAGHI, President of the European Central Bank, The increasing relevance of non banks and digital innovation in the provision of financial services may also harbour new risks.

SOUNDBITE (English), Mario DRAGHI, President of the European Central Bank, Risks stemming from the use of new technologies need to be carefully managed, particularly in the context of heightened cybersecurity concerns.

SOUNDBITE (English), Brian HAYES (EPP, IE), The first question is a Brexit-related question and it&rsquo;s to do with the question of banks relocating from the UK to the eurozone area.

SOUNDBITE (English), Brian HAYES (EPP, IE), What can the ECB do to make sure that there is a level playing pitch when it comes to the decision as to which of the Member States of the eurozone some of these banks may move to?

SOUNDBITE (English), Mario DRAGHI, President of the European Central Bank, Banks are preparing for the UK&rsquo;s withdrawal from the European Union and planning the necessary steps.

SOUNDBITE (English), Mario DRAGHI, President of the European Central Bank, We stand ready to support banks to reorganise their activities in the euro area and it&rsquo;s very important these banks undertake all the necessary preparations in a timely manner.

SOUNDBITE (English), Mario DRAGHI, President of the European Central Bank, Many of the risks that people view in the Brexit process have to do with the way this process is going to be managed. Inherently if it&rsquo;s well managed many of these risks will never materialise.

SOUNDBITE (English), Notis MARIAS (ECR, EL), Mr Draghi - the European system of central banks. Could it be more flexible? Could it be made more decentralised so that the national bank in each member of the eurozone could have its own monetary policy that would be better adapted to the economy of that country whilst also having other non-monetary tools available to it as well?

SOUNDBITE (English), Mario DRAGHI, President of the European Central Bank, If we were to have 19 central banks with 19 different monetary policies we&rsquo;ll end up naturally having 19 currencies. And that&rsquo;s the basis of having one currency is to have one monetary policy. And all our objectives are defined as objectives for the whole of the euro area.

SOUNDBITE (English), Mario DRAGHI, President of the European Central Bank, Let&rsquo;s not forget five million jobs have been created in the last three or four years. Many more than were created before the crisis. That&rsquo;s a positive news. Now it&rsquo;s also true that some of this job creation is not of good quality.

SOUNDBITE (English), Mario DRAGHI, President of the European Central Bank, As much as one may have insisted in the past on making labour markets more flexible, one should insist today on upgrading our educational system so as to create jobs having a long lasting time and quality which by the way would also be accompanied by higher wage growth which will go up with higher productivity. So it would be a win win from all viewpoints.