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-075591   Duration: 10:02:40  Lieu:
End production: 06/12/2012   First transmission: 06/12/2012
On 6 December 2012, Mario Draghi, President of the European Central Bank (ECB), gave a press conference following the ECB Governing Council meeting. At the meeting, the Governing Council of the 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.

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10:00:00 Title 00:00:05
10:00:05 General view of the press conference 00:00:03
10:00:08 Arrival of Mario Draghi, President of the European Central Bank (ECB) 00:00:03
10:00:11 General view of the press conference 00:00:03
10:00:15 Soundbite by Mario Draghi (in ENGLISH): Over the policy-relevant horizon, inflation rates should remain in line with price stability. The underlying pace of monetary expansion continues to be subdued. Inflation expectations for the euro area remain firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2% over the medium term. The economic weakness in the euro area is expected to extend into next year. In particular, necessary balance sheet adjustments in financial and non-financial sectors and persistent uncertainty will continue to weigh on economic activity. Later in 2013 economic activity should gradually recover, as global demand strengthens and our accommodative monetary policy stance and significantly improved financial market confidence work their way through to the economy (2 shots) 00:01:07
10:01:23 Soundbite by Mario Draghi (in ENGLISH): Over the policy-relevant horizon, in an environment of weak economic activity in the euro area and well-anchored long-term inflation expectations, underlying price pressures should remain moderate. This assessment is also reflected in the December 2012 Eurosystem staff macroeconomic projections for the euro area, which foresee annual HICP inflation of 2.5% for 2012, between 1.1% and 2.1% for 2013 and between 0.6% and 2.2% for 2014. 00:00:40
10:02:03 Soundbite by Mario Draghi (in ENGLISH): In a number of euro area countries, capital constraints, risk perception and the segmentation of financial markets restrict credit supply. In order to ensure an adequate transmission of monetary policy to the financing conditions in euro area countries, it is essential to continue strengthening the resilience of banks where needed. The soundness of banks’ balance sheets will be a key factor in facilitating both an appropriate provision of credit to the economy and the normalisation of all funding channels. 00:00:37
10:02:40 Soundbite by Mario Draghi (in ENGLISH): Continued fiscal consolidation is expected to restore sound fiscal positions, in line with the commitments under the Stability and Growth Pact and the 2012 European Semester recommendations. Significant progress has already been made in reducing domestic and external imbalances and in improving competitiveness. Continued policy actions on the European, structural and fiscal reform fronts should be mutually reinforcing and send a strong signal to markets. 00:00:36
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