European Central Bank annual report for 2012:

Type: News   Reference: 95255   Duration: 00:03:57  Lieu: Strasbourg, France - European Parliament
End production: 12/12/2013   First transmission: 12/12/2013
Extracts from the statement: - by Gianni PITTELLA, (S&D, IT) EP rapporteur -by Mario DRAGHI, President of the European Central Bank - by Olli REHN, European Commissioner responsible for economic and monetary affairs Parliament held its annual debate on the European Central Bank;s activites with its President, Mario Draghi today. MEPs will then vote on a resolution which will take stock of the ECB's actions in 2012 and make suggestions on how the ECB should step up its activities, notably to help the real economy and small businesses recover from the crisis.

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TIME DESCRIPTION DURATION
00:00:00 TITLE. 00:00:05
00:00:05 EXTERIOR SHOT of the European Parliament, Strasbourg. 00:00:05
00:00:10 SOUNDBITE (Italian): Gianni PITTELLA, (S&D, IT) EP rapporteur : "We have an advanced report, Mr Draghi, we are not asking the ECB to adopt an high inflationary cause affection, rather we need to ensure that Europe is not brought its knees by deflation. It won't be enough if we don't take up an expression which is often regarded as taboo, exchange rate policy, at the heart of monetary policy. A more expensive monetary policy, to ensure that there isn't overvalued currency, will help the manufacturing sector without creating serious inflation." 00:01:06
00:01:16 SOUNDBITE (Italian): Gianni PITTELLA, (S&D, IT) EP rapporteur : "You are familiar with those powers, you never abused them. The European Parliament will also up hold European democracy and will be vigilant to ensure the working for benefit of the European society, rather than perusing a dogmatic vision of monetary policy." 00:00:18
00:01:34 SOUNDBITE (English): Mario DRAGHI, President of the European Central Bank: "Over the past two years our interest rate cuts were transmitted only unevenly across euro area countries, due to the fragmentation of financial markets along national borders. To address this problem, we adopted a series of non-standard measures. The purpose of these was – and remains – a more effective transmission of the ECB’s interest rate cuts, so that our monetary policy can reach euro area companies and households." 00:00:35
00:02:09 SOUNDBITE (English): Mario DRAGHI, President of the European Central Bank: "Bank lending rates for households and non-financial corporations have decreased at the euro area level. In this way, our measures have helped SMEs, too, the backbone of the euro area economy. We have, in addition, taken direct measures to alleviate the funding situation for SMEs through our collateral framework. And we have worked with the European Commission to further improve SME financing conditions. " 00:00:39
00:02:48 SOUNDBITE (English): Olli REHN, European Commissioner responsible for economic and monetary affairs: "We have worked very hard to put together a truly bold initiative to counter the fragmentation of financial markets and reduce the borrowing costs of European SME's because there is no economic growth without credit growth." 00:00:20
00:03:08 SOUNDBITE (English): Olli REHN, European Commissioner responsible for economic and monetary affairs: "The prospective decisions of the European Council next week do not seem to go far enough nor be concrete and bold enough in this regard. We as the European Union, both the EU institutions and the EU member states must do better and must step up the gear to boost lending, affordable lending to SME's for the sake of sustainable growth and job creation in Europe." 00:00:34
00:03:42 cut away shots (6 shots) 00:00:15
00:03:57 END 00:00:00
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