Fielding questions from MEPs of the Economic and Monetary Affairs committee during his thirtieth and last appearance in the European Parliament, Mr Draghi used the occasion to defend the decisions taken by the ECB, more specifically over the last months, and renewed his call on governments to complement the Bank’s monetary policy with reforms to their countries’ economies.
MEPs across the political spectrum credited Mr Draghi with saving the Eurozone over the last eight years. However, opinions diverged throughout the hearing on whether the ECB’s decisions to extend its quantitative easing over the last months was resulting in more benefits than costs.
Numerous MEPs also used the occasion to quiz Mr Draghi on the role that monetary policy should have over the next months and years, and whether the European Central Bank should refocus its priorities.
Questions also concentrated on the way the ECB has communicated its decisions, the limited beneficial effects of the ECB’s measures in reaching the more indebted Eurozone members, and the risks that come with a much-enlarged ECB balance sheet.
You can follow the hearing again here.