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Eurozone economic growth recovers to pre-crisis level: European Central Bank chief

Eurozone economic growth recovers to pre-crisis level: European Central Bank chief

In a formal opinion published by the ECB, its President Mario Draghi said the Fianna Fáil proposal that the Central Bank be given power to cap the interest rate charged by banks on home loans could backfire.

Fianna Fáil's finance spokesman Michael McGrath said: "The ECB seems to have little regard for the plight of ordinary consumers and completely ignores the fact that Irish mortgage consumers are being denied the benefit of ECB monetary policy". In this context, bond purchases could be extended well beyond March 2017, but at a lower monthly level.

He also said that given the fragility of the bloc's recovery, the ECB's current policy stance was appropriate. He said while there was more optimism now about the eurozone's economic recovery than there was a year ago, the near-term outlook was uncertain. A succession of European Central Bank rate cuts have brought official interest rates to an all-time low, but not materially reduced borrowing costs for Irish variable rate mortgage customers. France and Germany will both hold national elections next year, while Italy is preparing for a key referendum in early December, on which Prime Minister Matteo Renzi has staked his political future.

"In this way, the European Central Bank would signal that there is some progress in the right direction, without indicating a firm end to the program", she said.

Trump pledges restraint with Twitter from White House
Trump touted the millions of followers on his social media account and called it his "method of fighting back that's very tough". He applauded the freedom of social media and emphasized Twitter's ability to spread messages.


Still, the ECB official cautioned against excessive expectations for the coming meeting, and said the bank's next set of economic forecasts are likely to show inflation "very close" to 2% by 2019.

The bill would also ban bank practices where they charge different rates to new and existing customers.

In Draghi's view, the uplift to prices provided by a gradual closing of the output gap, a sustained adjustment in the path of inflation still relies on the continuation of the current, unprecedented financing conditions.


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