ECB chief fights pressure to do more in crisis

18th November 2011, Comments 0 comments

European Central Bank chief Mario Draghi on Friday fought off heavy political pressure for the ECB to do more in the current debt crisis, saying its overriding task was to safeguard price stability.

"Anchoring inflation expectations over the medium and longer the major contribution we can make in support of sustainable growth, employment creation and financial stability. And we are making this contribution in full independence," Draghi said in a speech to the European Banking Congress here.

It was in the hands of the politicians to solve the debt crisis, Draghi insisted.

"National economic policies are equally responsible for restoring and maintaining financial stability," he said.

"Solid public finances and structural reforms -- which lay the basis for competitiveness, sustainable growth and job creation -- are two of the essential elements."

And a third essential element for financial stability was "a much more robust economic governance of the union going forward," he said, calling for "urgent implementation" of the recent decisions taken by the European Council and the EU summit.

© 2011 AFP

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