The head of the European Central Bank Mario Draghi appeared before the Economic and Monetary Affairs committee in the European Parliament, where he spoke of the ECB’s determination to act, as it becomes increasingly likelier that the quantitative easing program will expand.
He said that discussions between Greece and its creditors are progressing, but it is still early to specify the date of the conclusion of the discussions αt the Q&A section following the Hearing at the European Parliament.
He also pointed out that the timely conclusion of the review is quite important, but it should be based on a reliable programme and called authorities to make a genuine effort towards the implementation of the framework of the NPL management.
Additional funding to the private sector
In relation to Greece, Mr. Draghi recognized that while it is imperative to complete the Greek bailout program review as soon as possible, he underlined that the quality of the review is just as important.
The ECB chief explained that it is vital for Greek authorities to focus their efforts on the implementation of the strategy for non-performing loans. This, he argued, would help bring additional funding to the private sector.
Regarding the controversial pension reform, Mr. Draghi stressed that the mid and long-term challengers must be addressed, with the system’s sustainability and justice between generations being paramount.
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