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-074760   Duration: 10:03:37  Lieu:
End production: 04/10/2012   First transmission: 04/10/2012
On 4 October 2012, Mario Draghi, President of the European Central Bank (ECB), in presence of Vítor Constâncio, Vice-President of the European Central Bank (ECB), and Marko Kranjec, Governor of the Bank of Slovenia, gave a press conference following the ECB Governing Council meeting in Brdo, Slovenia. As foreseen by financial analysts, the Governing Council of the ECB decided to keep its key interest rates on hold.

Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
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TIME DESCRIPTION DURATION
10:00:00 Title 00:00:05
10:00:05 General view of the press conference following the ECB Governing Council meeting in Brdo, Slovenia 00:00:01
10:00:06 Arrival of Mario Draghi, President of the European Central Bank (ECB), accompanied by Vítor Constâncio, Vice-President of the European Central Bank (ECB), and Marko Kranjec, Governor of the Bank of Slovenia, to the press conference (4 shots) 00:00:24
10:00:31 Soundbite by Mario Draghi (in ENGLISH) reading the ECB statement on bank's interest rates: Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. 00:00:10
10:00:41 General view of the conference room 00:00:05
10:00:46 Soundbite by Mario Draghi (in ENGLISH): Today, we are ready with our outright monetary transactions (OMTs). We have a fully effective backstop mechanism in place once all the pre-requisites are in place as well. Governments have made substantial progress on a variety of fronts, both vulnerable countries and those that are under a full programme of the IMF, in fiscal consolidation, structural reforms and repairing some of the flows of the banking sector. At this point, it is up to the (Spanish) government to decide what they want to do. The mechanism is in place. 00:01:07
10:01:53 General view of the conference room 00:00:03
10:01:57 Soundbite by Mario Draghi (in ENGLISH): We have to see if we can repair the monetary policy transmission channels. We don't speculate on future changes in interest rates. The Governing Council has assessed that the price level and the rate of change of prices is in line with medium-term price stability according to our definition. So, that is the assessment we made about the interest rates. 00:00:33
10:02:30 General view of the conference room 00:00:04
10:02:34 Soundbite by Mario Draghi (in ENGLISH) on Spain: Conditions do not need to be necessarily punitive. Actually, many of the conditions have to do with structural reforms which have both social costs but also great social benefits. If well designed, the second are going to be greater than the firsts. Is it enough? That is up to the Spanish government to decide, and to the other euro area governments to decide. It is necessary to make a request to the European Financial Stability Facility (EFSF) and Europeanj Stability Mechanism (ESM) programme. We will actively seek the International Monetary Fund (IMF) involvement in the process. A mechanism is now in place which is a fully effective backstop if this request comes and the assessment of the Governing Council about the monetary policy transmission channels grants action. 00:01:02
10:03:37 General view of the conference room 00:00:05
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