Newsgroup: it.politica.internazionale
Titolo: Draghi urges governments to solve debt crisis, says ECB cannot

http://www.reuters.com/article/2013/04/15/us-ecb-draghi-idUSBRE93E0KW20130415
 
 
Draghi urges governments to solve debt crisis, says ECB cannot
 
AMSTERDAM | Mon Apr 15, 2013 10:59am EDT
(Reuters) - European Central Bank President Mario Draghi on Monday put 
pressure on governments to push ahead with plans for closer European 
integration to address the euro zone crisis' core problems.
 
He said that was not something the central bank could do.
 
The ECB bought euro zone governments time to bring down debt levels and 
boost competitiveness with a new bond purchase program it launched in 
September, but plans for closer European integration have hit difficulties.
 
Germany dealt a blow to plans for a banking union at an informal meeting 
of European finance ministers last week, saying the project would 
require changes to European Union treaty.
 
Speaking to university students in Amsterdam, Draghi said that the euro 
zone's economic problems still loomed large and that calls for more 
action by authorities were understandable, but there were limits to what 
the ECB could do.
 
"Let me be clear: Undertaking structural reforms, budget consolidation 
and restoring bank balance sheet health is neither the responsibility 
nor the mandate of monetary policy," he said in the speech text.
 
The ECB could not substitute for actions that others, including the 
private sector, had to take, the Italian added.
 
Although there was a decrease in fragmentation in the financial markets, 
the ECB's very accommodative monetary policy was only partly passed on 
to the financing conditions faced by firms and households in some euro 
area countries, Draghi said.
 
Small- and medium-sized enterprises (SMEs), the backbone of the euro 
zone economy, are particularly hard hit by this development and the ECB 
is studying options to address the issue, but it has made clear that 
others must act, too.
 
Draghi reiterated that governments and supranational institutions like 
the European Investment Bank could help banks carry the risk of lending 
to SMEs, something fellow ECB Executive Board member Benoit Coeure had 
also suggested.
 
Coeure said last week that the ECB had "no magic wand" to revive lending 
to small companies, but that it would make sure banks had sufficient 
access to funding.
 
Draghi highlighted that progress was underway for deeper integration in 
banking, fiscal, economic and political sectors, but efforts should not 
stall, especially with regard to the planned banking union.
 
The Single Supervisory Mechanism (SSM) for banks under the roof of the 
ECB marks the first step to such a union, which also foresees a single 
mechanism to wind down banks, a resolution fund and possibly a single 
deposit guarantee scheme.
 
"I would like to stress the importance of quickly complementing the SSM 
with a Single Resolution Mechanism," Draghi said. "This is necessary to 
guarantee timely and impartial decision-making, particularly in the 
cases where cross-border resolution is required."
 
"What's more, a Single Resolution Mechanism is essential to ensure that 
the SSM's supervisory decisions for resolution can be followed up with 
action, without reinforcing the vicious link between banks and 
sovereigns," Draghi said.
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Namib
.....
αἱ ψυχαὶ ὀσμῶνται καθ᾽ Ἅιδην (Eraclito)

 Draghi
 
vada a morire impiccato