Debate on the European Central Bank Annual Report for 2013 during the EP plenary session in Brussels. StatementsPablo ZALBA BIDEGAIN (EPP, ES), rapporteur, Mario DRAGHI, President of the ECB and Valdis DOMBROVSKIS, Vice President of the EC for the Euro and Social Dialogue

Brussels

statement

debate

plenary session

DRAGHI, Mario (IT)

European Central Bank annual report (T)

DOMBROVSKIS, Valdis (EPP, LV, EC)

ZALBA BIDEGAIN, Pablo (EPP, ES)

European Central Bank Annual Report for 2013: extracts from the statement by Mario DRAGHI, President of the ECB - report by Pablo ZALBA BIDEGAIN (EPP, ES)

SOUNDBITE (Spanish), Pablo ZALBA BIDEGAIN (EPP, ES), EP Rapporteur, "The economic recovery started in 2014. and their was an increase 0.9 % and for 2015 the forecasts are even rosier."

"We have to be fully awxare of the fact that without credit we can not consolidate economic recovery."

SOUNDBITE (Spanish), Pablo ZALBA BIDEGAIN (EPP, ES), EP Rapporteur, "The measures taken by the ECB could have been more efficient and effective when it comes to injecting more credit into the real economy"

SOUNDBITE (Spanish), Pablo ZALBA BIDEGAIN (EPP, ES), EP Rapporteur, "The time has come to take action together . An expansive monetary policy has to go hand in hand with both national reforms and reforms at EU level.

SOUNDBITE (Spanish), Pablo ZALBA BIDEGAIN (EPP, ES), EP Rapporteur, "Let us not full the citizens. Expansive monetary policy on its own isn't enough to boost demand. The European Central Bank can give us a bit of extra time but it is up to us a s players to continue our hard work."

SOUNDBITE (English), Mario DRAGHI, ECB president, "we judged that the degree of monetary accommodation that had been introduced in 2014 was insufficient. A more forceful monetary policy response became necessary. With key interest rates at their lower bound, the Governing Council of the ECB considered outright purchases of public securities to be the only remaining instrument which could be activated on a sufficient scale to broaden and strengthen the measures already in place. "

SOUNDBITE (English), Mario DRAGHI, ECB president, "The combined purchases of public and private sector securities will amount to &euro;60 billion per month. The programme is intended to last until end-September 2016."

SOUNDBITE (English), Mario DRAGHI, ECB President, " the purchases of public securities have a high transmission potential to the real economy. They will further support a broad based easing of financial conditions in the euro area, including those relevant for the borrowing conditions of euro area firms and households."

SOUNDBITE (English), Mario DRAGHI, ECB president, But we have not yet reached the stage of a genuine EMU. Economic convergence has not been as sustainable as it was hoped for at the outset. This still puts at risk the long-term success of monetary union when faced with an important shock. In my view, there are two complementary responses to address this situation: First, the economies of euro area Member States need to become more resilient

SOUNDBITE (English), Mario DRAGHI, ECB President, "Second, in the medium to longer term, we need to move from a system of rules and guidelines for national economic policy making to a system of further sovereignty sharing within common institutions so as to strengthen our economic policy governance."

SOUNDBITE (English), Valdis DOMBROVSKIS, EC Vice President for the Euro and Social Affairs, "The Commission shares the Parliament's view that the ECB independence in the conduct of its monetary policy as enshrined in the Treaties is crucial to the objective of safeguarding price stability."

SOUNDBITE (English), Valdis DOMBROVSKIS, EC Vice President for the Euro and Social Affairs, "Member states still need to secure lmong term control over deficit and debt levels. The pace of fiscal adjustment going forward should be differenciated according to the fiscal challenges faced by different member states. Those with sustainability challenges should continue adjustment and member states with fiscal space should use it to support growth.'