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ECB boss offers to explain euro plan to MPs

The Local · 14 Sep 2012, 15:37

Published: 14 Sep 2012 15:37 GMT+02:00

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Draghi told the Süddeutsche Zeitung newspaper that he would be ready to come to Berlin to answer criticism from German MPs about his handling of the euro crisis.

"If the Bundestag invites me, I would be happy to come," he told the paper. "That would be a good opportunity to explain what we're doing."

But he is unlikely to be asked to make a speech in the chamber, instead he would probably appear before the parliament's budget and Europe committee - though no date has been set.

Bundestag President Norbert Lammert thanked Draghi for his offer and said he would do his best to find an appropriate format for a discussion with "particularly interested and engaged MPs."

Recent polls suggest that half of Germans mistrust the ECB president, which, Draghi said, makes his job harder. "I must do more to explain our measures," the Italian admitted.

The parliamentary faction of the Christian Democratic Union - Chancellor Angela Merkel's party - dismissed any talk of Draghi making a speech in the chamber itself.

"A big appearance in the plenum will not be announced, because that could easily be misunderstood as a sign that the ECB is becoming dependent on governments," a spokesman said. "But there is no reason there can't be discussion in front of specialist committees."

Draghi has been criticized recently for allowing the ECB to buy unlimited state bonds on high interest rates. He maintains these bonds will only be bought if strict conditions are applied.

Story continues below…

Draghi also told the paper that the programme is already proving successful, and that global trust in the euro is increasing. "Fund managers are bringing their money back to Europe," he said. "That is good for the economy."

The Local/DPA/bk

The Local (news@thelocal.de)

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Your comments about this article

17:40 September 14, 2012 by smart2012
Markets are doing well and spreads are going down after draghi's proposal, and germans did not pay a cent more after his speech. This means results are promising and some germans from management positions should shut up instead of fueling worries based on wrong information, just to show their political power. Well done Mr. Draghi.
22:00 September 14, 2012 by sonriete
It is a notable privilege to address the Bundestag, one that is not often granted.

I have never before heard of someone inviting himself to do so.

Especially remarkable coming from a man who has just traveled all over Europe to pressure other countries to out vote Germany on the ECB board in order to take our money.
23:03 September 14, 2012 by smart2012
Thanks to All eu countries that outvoted buba. Results show they were right. And draghi is quite open even to go to German parliament. And again. Let me remind u that no one more cent has been given due to draghi's plan, actually less money will have to be given as spreads are going down reducing future debts of countries like Spain. Open your eyes and stop reading bild. And btw, again I remind u that Italy and France will pour the same money pro capita in the ESM as Germany. I know, too true to be said in Germany.
16:06 September 17, 2012 by jg.
"...Italy and France will pour the same money pro capita in the ESM as Germany"

This is the true madness of the ESM. Italy will have to contribute 125 bn to the ESM, while Spain will have to contribute 83 bn to the ESM. As both countries have horrendous sovereign debt, they will both have to borrow this money from the markets, at rates up to 7% or more. The ESM will then lend it back to them and the other PIIGS countries at 3%. This is a Ponzi scheme which will serve to enrich the banks.
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