BERLIN (MNI) – European Central Bank president Mario Draghi on
Tuesday defended the ECB’s new bond-buying program, the OMT, arguing
that the greatest risks for the Eurozone would be inaction.
“We cannot always look to the past for answers, we may need to take
new steps to achieve long standing goals,” Draghi stressed in a speech
at an event organized by the German Industry Association here.
“For the ECB new steps have been needed to maintain price stability
in the face of a fragmented financial market,” Draghi explained. “These
new steps are not a departure from our mandate, indeed they are the only
way to ensure that we continue to fulfill our mandate,” he insisted.
“All the measures…are fundamentally about ensuring stability in
the current circumstances,” the ECB president explained. “The greatest
risk to stability is not action, it’s inaction, this is why the ECB has
acted.”
Draghi again vowed that “the euro is irreversible.”
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[TOPICS: M$X$$$,M$$EC$,M$$CR$,MGX$$$,MT$$$$]
