Draghi defends ECB policy against German criticism

The ECB President Mario Draghi has vigorously defended the measures before German parliamentarians that in recent months had not spared criticism. In his speech at the Bundestag (German Parliament), he responded to German concerns by saying that "The rates have to be low today to allow a return to higher rates in the future" and that "to get all the benefits of monetary policy measures, other policies should contribute more firmly", both at national and European level.

Draghi acknowledged that "low rates erode the returns of savings", but warned at the same time "decreased the rate of mortgage costs, including for the benefit of German families, and reduce the public debt refinancing costs".

And above all, he claimed: “Our measures are working: they are contributing to keeping the recovery on track, thus creating jobs and ensuring a recovery that ultimately also benefit savers and pensioners in Germany and the euro area as a whole,”