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Free Talk Corner

Ralitsa Kovacheva
#ECB President Mario #Draghi is going to meet MEPs in the #ECON Committe in the European Parliament in order to comment on current economic and monetary developments and explain the ECB's policy stance. Follow our live coverage starting at 14.30 CET
9 July 2012 12:19
Ralitsa Kovacheva MEPs are expected to discuss with #Draghi the intention to create a EU banking supervision involving the #ECB. Last week, Mario Draghi said it would require much higher standards of democratic accountability and the ECB was ready for that.
9 July 2012 12:24
Ralitsa Kovacheva #Draghi said measures taken by central banks were forward-looking and based on appropriate lessons from financial history.
9 July 2012 14:49
Ralitsa Kovacheva #Draghi The quality of reforms determines the success of macroeconomic adjustment programmes, since the financial assistance is temporary.
9 July 2012 14:52
Ralitsa Kovacheva #Draghi The critical success factor is the ownership of the programmes by national governments, parliaments and ultimately the citizens. They should do reforms for themselves not for someone outside.
9 July 2012 14:57
Ralitsa Kovacheva #Draghi The #EU is a stability union. The Euro is here to stay.
9 July 2012 14:58
Ralitsa Kovacheva #Draghi called again the banking union "a financial market union"
9 July 2012 14:58
Ralitsa Kovacheva #Draghi We need further pooling of sovereignty
9 July 2012 15:00
Ralitsa Kovacheva #Draghi European integration must be accompanied by improved democratic legitimacy and accountability.
9 July 2012 15:01
Ralitsa Kovacheva Asked about the scandal with the manipulation of #Libor #Draghi said that the ECB would have done a better job. I do not think it's fair to cheat people, he said, but that is not connected with the question whether we should rescue banks. We should have a bank resolution scheme so not to use taxpayers' money while maintaining financial stability, he said.
9 July 2012 15:18
Ralitsa Kovacheva As for the #ECB's role in a banking union #Draghi reiterated that the proposal would be made by the EC. But it must comply with several basic principles: the ECB to be in a position to perform its duties vigorously, decisively, independently and without risk to its reputation; to separate monetary policy from banking supervision, which is difficult because many members of the ECB governing council are also banking supervisors; the new structure, headed by the ECB, to be based on national supervisors; to have high standards of transparency and democratic accountability.
9 July 2012 15:24
Ralitsa Kovacheva #ECB is very transparent but we are ready to be even more transparent, #Draghi said.
9 July 2012 15:26
Ralitsa Kovacheva Asked how a banking union in the eurozone would affect the single market and other EU countries, #Draghi said: We talk about a banking union exactly because of the situation in the eurozone, not the situation in the EU. But we must maintain the single market, because if we weaken the single market we will weaken the euro.
9 July 2012 15:32
Ralitsa Kovacheva # Draghi The EU summit has credibility only when its actors don`t make statements that contradict to the conclusions they adopted themselves.
9 July 2012 15:42
Ralitsa Kovacheva #Draghi: The #EFSF and the #ESM have been made more flexible and more usable than before, which is as important as the size. But we have to make it clear- they are flexible but retained their conditionality.
9 July 2012 15:44
Ralitsa Kovacheva #Draghi was crystal clear: A fiscal union cannot start from a transfer union, this should be the arrival point.
9 July 2012 15:53
Ralitsa Kovacheva #Draghi: When we talk about the "financial markets union" we cannot start from a common deposit guarantee scheme because it includes mutualisation, so this should be the end of the process. We should start with the supervision.
9 July 2012 16:18
Ralitsa Kovacheva #Draghi again explained that we must not try to implement the new rules for direct recapitalisation of banks fast, as it was better to get things done properly. Even if banks have to receive help under the current rules and this is reflected on the national debt, once the ESM becomes operational the loans will be transferred to it and the debt will be reduced, Draghi said.
9 July 2012 16:28
Ralitsa Kovacheva #Draghi: As for the deposit guarantee scheme in a "financial markets union" we should keep in mind that people from certain countries should not think that their money is being taken away and transferred to other countries.
9 July 2012 16:34
Ralitsa Kovacheva Eurobonds come at the end of the process, #Draghi reiterated before the MEPs. He stressed that sharing of national sovereignty at a supranational level was essential for the progress towards fiscal union.
9 July 2012 16:41
Ralitsa Kovacheva Elisa Ferreira MEP insisted #Portugal to be given more time to meet its fiscal targets and to loose austerity measures. Fiscal consolidation and reforms are unavoidable, Draghi replied, adding: Portugal is doing well and we start seeing first signs of progress.
9 July 2012 16:47
Ralitsa Kovacheva #Draghi thanked MEPs for inspiring discussion and noted that key expressions like "Fiscal Compact" and "Growth Compact " originated namely from these discussions.
9 July 2012 16:55
 
free talk corner
Adelina Marini
The European Commission is proposing new proposals for a reforms programme for the euro area and a eurozone budget. Stay tuned for live updates
31 May 2018 11:33
Adelina Marini Dombrovskis: Around half of all countries could possibly be benefiting of this stabilisation fund
31 May 2018 12:15
Adelina Marini
Today is a #Eurogroup day with two hot issues on the agenda. The first is #Greece's exit from the bailout programme. The other will take place in an expanded EU-format as it deals with the completion of the banking union and the reform of the #ESM. Although not on the agenda officially, another hot issue is the new government in Italy. Yesterday, President Sergio Mattarella gave Giuseppe Conte a mandate to form a coalition government between the populist M5S and the eurosceptic Lega. Stay tuned for live updates
24 May 2018 14:18
Adelina Marini Centeno: The #Eurogroup did not discuss Italian policies today. We have a well-established framework in the SGP
24 May 2018 20:34
Adelina Marini
The #EUWesternBalkans summit is over. The press conference is starting. Stay tuned for live updates
17 May 2018 14:56
Adelina Marini Tusk: The US is still the possible closest partner
17 May 2018 15:24
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