Mario Draghi – Photo © European Union 2016 – Source EP.
(STRASBOURG) – The Eurozone economy has shown “remarkable resilience” in the face of adverse developments, as growth continues at a moderate pace, European Central Bank chief Mario Draghi told Euro-MPs Monday.
Mr Draghi was attending a European Parliament debate on the ECB’s activity report for 2015, which, he said, was “an important pillar of the ECB’s accountability”.
In his speech, he said that euro area unemployment has been steadily declining, and more than four million jobs had been created since 2013, when the situation was at its worst.
Domestic demand, he said, had also strengthened, while real GDP growth recorded positive figures for 14 consecutive quarters. Since the beginning of the year headline inflation has gradually picked up, moving from the negative rate of -0.2 in February to 0.5 in October.
The ECB’s monetary policy measures since June 2014 have been a key factor behind these ‘positive developments’, said Mr Draghi. These include asset purchases, targeted longer-term refinancing operations (TLTROs) and low policy rates, which have strongly supported the recovery.
However, in Monday evening’s debate, MEPs said that monetary policy was not enough. They said that in addition, the EU needs balanced structural funds, solid national budgets and responsible fiscal policies in the EU Member States.
They also cited low interest rates, low inflation and weak demand as priority issues that should be tackled.
Speech of Mario Draghi, President of the ECB
European Parliament draft resolution on the European Central Bank Annual Report for 2015
