Mario Draghi Quotes
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The signals from the monetary analysis confirm the picture of subdued underlying price pressures in the euro area over the medium term.
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If we do not resolve the euro crisis, we will all pay the price. And if we do resolve it, we will all benefit, particularly German taxpayers and savers.
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I trust the people who are working with me. I delegate.
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... 'the Continent's traditional social contract' - perhaps its major contribution to contemporary civilization - 'is obsolete' and must be dismantled.
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In the European context tax rates are high and government expenditure is focused on current expenditure. A 'good' consolidation is one where taxes are lower and the lower government expenditure is on infrastructures and other investments.
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Governments must commit to sound economic and financial policies. This is how we ensure reform in the euro area - and our independence.
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There is no better protection against the euro crisis than successful structural reforms in southern Europe.
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It is too early to assess the policies of the new German government. I can only say that the crisis has shown that the monetary union is incomplete and that the weaknesses need to be remedied. Germany helps the euro best by further strengthening its competitiveness and promoting growth.
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Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. Believe me, it will be enough.
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In Greece, the position at the outset was particularly difficult, so now we have to be particularly patient with the country. That's no surprise.
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One needs a complex package of policies and, as we always stress, structural reforms come first, because many of the problems of the euro area are structural. And I'm sure that's also the biggest fear for the Governing Council as a whole. We discussed the possibility of negative deposit rates, but our objective is maintaining price stability.
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The crisis has not been overcome, but there are many encouraging signs. The economy is recovering in many countries, the imbalances in European trade are declining and the budget deficits in the monetary union are falling.
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Interest rates do not have to be identical across the whole euro area, but it is unacceptable if major differences arise from broken capital markets or concern about a euro area break-up.