European Central Bank annual report (2011):

Type: News   Reference: 92888   Duration: 00:02:54  Lieu: Brussels, Belgium - European Parliament
End production: 16/04/2013   First transmission: 16/04/2013
- extracts from the statement by Mario DRAGHI, President of the ECB Since 2011 the ECB has taken a number of important measures to address severe distortions in the financial markets and to address fragmentation. The ECB President points out several measures.

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00:00:00 Title 00:00:05
00:00:05 Exterior view of the European Parliament, Strasbourg, France (1 shot) 00:00:05
00:00:10 SOUNDBITE (English): Mario DRAGHI, President of the ECB (European Central Bank): We expect a gradual recovery in euro area economic activity for the second half of this year. But this scenario is subject to downside risks. 00:00:14
00:00:24 SOUNDBITE (English): Mario DRAGHI, President of the ECB (European Central Bank): 2011 and 2012 were years in which much of our focus was on the proper transmission of our monetary policy. When changes in policy rates are not appropriately transmitted to the real economy, this is a matter of concern. 00:00:23
00:00:47 SOUNDBITE (English): Mario DRAGHI, President of the ECB (European Central Bank): During the past five years, a number of euro area countries have seen a significant correction of their external and domestic imbalances. In Ireland, Greece and Portugal current account balances improved by more than 7 per cent of GDP between 2008 and 2012. A large part of this adjustment has been driven by a contraction in domestic demand, triggered by the unwinding of long accumulated unsustainable developments and by the cyclical downturn. 00:00:41
00:01:28 SOUNDBITE (English): Mario DRAGHI, President of the ECB (European Central Bank): We have also seen some improvement in cost competitiveness, which has contributed to the external adjustment. Between 2008 and 2012, in the three programme countries the cumulated unit labour cost growth was about 10pp below the euro area average. The adjustment has been mainly driven by an increase in average productivity, largely reflecting labour shedding, rather than by a reduction in nominal wages. 00:00:40
00:02:08 "Prior to the crisis, Member States did not internalise fully what it means to be part of EMU. Fiscal and economic policies were not sufficiently geared towards the conditions of being a member of a single currency zone. But the lessons of the crisis have been learnt. EU Heads of State and Government have taken action and strengthened the governance framework." 00:00:26
00:02:34 3 cut away shots 00:00:20
00:02:54 END 00:00:00
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