Draghi denies split in ECB on policy

Donnerstag, 24. Oktober 2019 14:44

Negative rates were a "very positive experience" for the Eurozone, according to the outgoing chief policymaker. Mario Draghi told the press on Thursday that risks highlighted by the International Monetary Fund, in case borrowing costs stay too low for too long, are being monitored but that so far benefits have more than offset any side effects. Asked about media reports of a rift within the ranks of the European Central Bank's rate-setting panel, its president stressed that it is "not the first time" that some "disagreements" went public but rejected the notion of a split.

The latest stimulus package will support economic growth and inflation, in his view. Draghi repeated that member states "with fiscal space should act in an effective and timely manner" so that they could "reap the full benefits" of ECB's policy. He added highly indebted countries need to pursue reforms. Rate-setters insist on completing the banking union and capital markets union, Draghi said.

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