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Central Banker Calls Structure of Euro Zone Unsustainable
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Mario Draghi, president of the European Central Bank appears before the Economic and Monetary Affairs Committee of the European Parliament. He said the ECB had resumed normal lending to Greece's four major banks after the 18 billion euro recapitalization of the Greek banks by the government of Greece using bailout funds assigned for this purpose. Draghi tod the parliament: "The ECB will continue lending to solvent banks. We will avoid bank runs on solvent banks." At the same time he asked the EU to setup a deposit insurance fund for European banks and regulation of banks at the European level. On the actions taken by European leaders Draghi had strong criticism for the slow response always one step behind action needed and a day late, saying: "The next step is for our leaders to clarify what is the vision for a certain number of years from now. The sooner this has been specified the better. Dispel this fog." He described the configuration for the eurozone of the last ten years as unsustainable unless steps are taken, with leaders having to decide quickly what kind of eurozone they want to see. On Bankia's recapitalization by the Spanish government, Draghi said everybody winds up doing the right thing after many delays at the highest possible cost and price. It showed the need for centralization of supervision at the Europe wide level because Spain took too long to tackle the bad real estate loans at Bankia.
Mario Draghi, head of the ECB, and the eurozone crisis with Italian bond yields approaching 8% in Dec. 2011
11/10/2011
Draghi addresses the issue of large scale purchases of bonds of Italy and Spain to ease pressure on bond yields, by leaving open the possibility of action if the EU countries take the necessary steps for a strict budgetary framework.
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European Central Bank policies in 2010-2012.
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The ECB rate changes and policy in 2010-2012.
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Rate Rise Signaled for Euro Zone
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How Mario Draghi, ECB president, sees the problems in the eurozone and policy direction in 2012-2015
01/11/2010
A wide ranging interview with Mario Draghi by Wall Street Journal reporters Blackstone, Karnitschnig and Thomson, which gives insights on how Draghi sees solutions to the crisis in the eurozone and future policy. Draghi favors good fiscal consolidation which combines freeing up labor markets and structural changes for Italy, Spain and other southern countries, with spending reductions, and capital investment in the future as opposed to tax increases for current spending and lack of capital investment for future growth. He points out that with excessive debt to GDP ratios there is no alternative to this right kind of fiscal consolidation. The fiscal consolidation gives the structural changes time to be put in place..
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ECB Moves Markets, Not Economy
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The Man Whoâll Do Triage on Europeâs Banks
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ECB Struggles With Low-Altitude Flying
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Euro Strengthens as Fears Fade
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Bonds of Italy, Spain Narrow Gap With U.S., German Yields
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E.C.B. Plots Strategy for Staving Off Deflation
New York Times 05/26/2014
A younger generation of leaders takes over at the European Central Bank under Mario Draghi
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The Man Whoâll Do Triage on Europeâs Banks
New York Times 10/20/2013
European Central Bank Head, Draghi, Has New Powers
New York Times 07/02/2012
A New Generation Tackles the Euro Crisis
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ECB's Chief Warns Situation Is 'Very Grave'
Wall Street Journal 01/17/2012
Wall Street Journal 02/24/2012
Q&A: ECB President Mario Draghi
Wall Street Journal 02/23/2012
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