Extracts from the press conference by Mario Draghi, President of the ECB, following the ECB Governing Council meeting

Type: Summary of press conference   Reference: I-072002   Duration: 10:03:28  Lieu:
End production: 12/01/2012   First transmission: 12/01/2012
On 12/01/2012, as foreseen by economists, the Governing Council of the European Central Bank (ECB) decided to keep the key ECB interest rates on hold. During his monthly press conference in Frankfurt am Main, Mario Draghi, President of the ECB, said that the euro zone economy faced high uncertainty and inflation would drop below 2 percent after several months. But he added there were some signs of stabilization.

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10:00:00 Title 00:00:05
10:00:05 Arrival of Mario Draghi, President of the European Central Bank, at the press conference (3 shots) 00:00:20
10:00:25 Soundbite (in ENGLISH) by Mario Draghi on the key ECB interest rates: based on its regular economic and monetary analyses, the Governing Council decided today to keep the key ECB interest rates unchanged, following the 25 basis point decreases on 3 November and 8 December 2011. The information that has become available since early December broadly confirms our previous assessment. Inflation is likely to stay above 2% for several months to come, before declining to below 2%. At the same time, the underlying pace of monetary expansion remains moderate. As expected, ongoing financial market tensions continue to dampen economic activity in the euro area, while, according to some recent survey indicators, there are tentative signs of a stabilisation in activity at low levels. The economic outlook remains subject to high uncertainty and substantial downside risks. 00:01:14
10:01:39 Soundbite (in ENGLISH) by Mario Draghi on the bank non-standard measures: the banks that have borrowed the money from the ECB are not the same that are re-depositing the money with the deposit facility of the ECB. 00:00:11
10:01:51 Cutaway of press 00:00:02
10:01:53 Soundbite (in ENGLISH) by Mario Draghi: some survey data seem to indicate that there may be some stabilisation at low levels. However, it is actually impossible to express a judgement on confidence. Some survey data are positive, but the hard data do not yet show this. A relatively new element of this crisis is that there is a lot of heterogeneity in the euro area. There are countries that, all in all, seem to be living through this crisis with lower growth rates, but are experiencing no sizeable developments that you would call a recession. Then there are countries that, because they are stressed and vulnerable to financial tensions, are in fact experiencing on an ongoing or incoming recession. To give an average judgement of this very complex, heterogeneous situation is actually very, very difficult now. 00:01:13
10:03:07 Cutaway of press 00:00:03
10:03:10 Soundbite (in ENGLISH) by Mario Draghi: Greece has to bring back its fiscal action on track. It has to complete the structural reforms and has to basically move forward on the fiscal consolidation front. 00:00:17
10:03:28 Cutaway of press 00:00:04
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