Use savings to invest, Draghi tells Bundestag
Bce president hurting banks
28 September, 18:46(ANSA) - BERLIN, 28 SEPT - European Central Bank President Mario Draghi on Wednesday told the Bundestag he understood the fears of the German people and said the ECB's measures were effective. He said they were "also working to the benefit of German savers".
Draghi said the ECB's quantitative easing (QE) programme had, in 2015 alone, enabled Germany to save 28 billion euros. He said the ECB's monetary policy was not the reason for banks' low profitability. Draghi also cited German Finance Minister Wolfgang Schaeuble in saying that interest rates would go up only when growth returns on a steady basis.
Gunther Krichbaum, the head of the Bundestag's European Affairs Committee, said Wednesday that European Central Bank President Mario Draghi was hurting German banks with low interest rates, which were a "secret rescue" for countries that do not implement structural reforms.