Monetary dialogue with Mario DRAGHI, President of the European Central Bank:
- MEPs debate
EP Committee on Economic and Monetary Affairs
EPRef94372 // European Parliament , European Parliament , Brussels,
Première transmission: 08/07/2013
European Parliament, Brussels
Fin de production: 08/07/2013
Following his two presentations on ESRB Annual report and on European Central Bank's perspective on Economic and Monetary developments, ECB President Mario DRAGHI engaged in a debate with MEPs from ECON. Apart from responses to the previous two presentations, issues such as Finance Access of SMEs and Deposit Guarantee Schemes were covered in the debate.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Exteiro view of the European Parliament, Brussels
||SOUNDBITE (Spanish) Pablo ZALBA BIDEGAIN (EPP, SP), "On the measures for SMES having access to credit over the entire Eurozone , what do you think that the ECB will be prepared to implement the measures?
||SOUNDBITE (English) by Mario DRAGHI ECB President," What the EIB, the Commission and the ECB are trying to do now is to revisit this regulatory role and we will need the support of the Parliament amongst others and see whether we can have a regulation in place that is less discriminatory towards certain kind of quote , unquote good ABS (asset-backed securities )so that Banks can package these loans to the SMEs and trade, hem price them and rate them, as it would be other wise impossible if you have separate loans to different categories of SMEs."
||SOUNDBITE (English) Philippe LAMBERTS (Greens/EFA, BE)," So would you recommend going above the ceiling of the 60 billions as far as what the ESM can do?
||SOUNDBITE (English) by Mario DRAGHI ECB President,"The backstop is absolutely essential and important to give certainty and credibility to the Asset quality review. Let's not forget that we made a tragic mistake when at the end of 2011 we had the first stress test without backstop? That was highly procyclical, very destabilising"
||SOUNDBITE (English) Sharon BOWLES (ALDE, UK)," What guarantee do you have that these backstops are actually going to be there other than just some idle possible promise?
||SOUNDBITE (English) by Mario DRAGHI ECB President, " We have no reason to doubt that the backstops will be put in place because differently from last time we've not been ignored , we have an explicit commitment by the EU Council in their conclusion to make sure that national backstops will be in place by the time we will run the asset quality review."
||SOUNDBITE (Greek) Anni PODIMATA (S&D, EL),"Is there any will, is there any possibility on he part of the ECB to facilitate the Bank of Cyprus paying off that money in order to guarantee a rapid and smooth return to the banks for the Cyprus banking system and returning the Cypriot economy to health?
||SOUNDBITE (English) by Mario DRAGHI ECB President, " The Bank of Cyprus has to get out of resolution , that is the first and foremost. I think there is no point in speculating of different ways out when the ink under the signing of the MOU is not dry yet , so I think that the key thing now for the Cyprus government is to move forward , to do the things that have been agreed in the MOU get the bank of Cyprus out of resolution , get the bank of Cyprus back so that we can consider it as a counterpart in our monetary policy operations. I think that this is the priority and all of us should be focusing on this priority.".
||Cutaways (11 shots)