Extracts from the press conference by Mario DRAGHI, ECB President, following the ECB Governing Council meeting:

Type: NEWS   Référence: 89512   Durée: 00:03:19   Première transmission: 08/11/2012  Lieu: Frankfurt am Main, Germany - ECB
Fin de production: 08/11/2012
On 8 November, Mario Draghi, ECB President, held a press conference following the ECB Governing Council meeting. He announced that ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.75%, 1.50% and 0.00% respectively. Regarding Greek parliament's approval of a new round of austerity, Mario Draghi said that ECB welcomed it as an 'important step undertaken', but also noted that others need to be taken for Athens to receive its next bailout instalment. Additionally, agreements are needed on Greece's long-term debt sustainability and future financing needs for the 31.5-billion-euro tranche to be released.

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00:00:00 Title 00:00:05
00:00:05 Mario Draghi, ECB President, arriving (2 shots) 00:00:06
00:00:11 SOUNDBITE (in English) Mario Draghi: Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. Owing to high energy prices and increases in indirect taxes in some euro area countries, inflation rates are likely to remain above 2% for the remainder of 2012. They are expected to fall below that level in the course of next year and to remain in line with price stability over the policy-relevant horizon. 00:00:34
00:00:45 General view of press conference 00:00:04
00:00:49 SOUNDBITE (in English) Mario Draghi: Economic activity in the euro area is expected to remain weak, although it continues to be supported by our monetary policy stance and financial market confidence has visibly improved on the back of our decisions as regards Outright Monetary Transactions (OMTs). At the same time, the necessary process of balance sheet adjustment in large parts of the financial and non-financial sectors as well as high uncertainty continue to weigh on the economic outlook. It is essential for governments to support confidence by forcefully implementing the necessary steps to reduce both fiscal and structural imbalances and to proceed with financial sector restructuring. 00:00:57
00:01:46 General view of press conference 00:00:01
00:01:47 SOUNDBITE (in English) Mario Draghi, ECB President: To sum up, the economic analysis indicates that price developments should remain in line with price stability over the medium term. A cross-check with the signals from the monetary analysis confirms this picture. Other economic policy areas need to make substantial contributions to ensure a further stabilisation of financial markets and an improvement in the outlook for growth. Structural reforms are crucial to boost the growth potential of euro area countries and to enhance employment. 00:00:38
00:02:25 General view of press conference 00:00:02
00:02:27 SOUNDBITE (in English) Mario Draghi: The ECB and the governing council certainly welcomes the outcome of the vote yesterday, it is very important step that the Greek government and the Greek citizens have undertaken. It really represents progress especially if we compare the situation with what it was a few months ago. An other vote is expected on Saturday on the budget. The government will discuss the Greek situation next week as a Euro group is foreseen. The ECB assures price stability and pursues the restoration of monetary policy transmission channels but can not do monetary financing. 00:00:49
00:03:16 General view of press conference 00:00:03
00:03:19 End 00:00:00
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