European Central Bank
President Mario Draghi defended quantitative easing at a
conference with former Fed chief Ben Bernanke, saying the policy
had helped create seven million jobs in four years. Bernanke
chided the idea that QE distorted the markets, saying "it's not
clear what that means".
Draghi has faced criticism, especially in German banking
circles, for his QE policy.
Draghi also said that interest rates would remain low for a
long time.
He said that looking at the labour market, pay levels were
still unsatisfactory although some progress had been made.
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