Skip to main content

ECB's Draghi says no call for G7 central banks to do more

Major central banks did not face calls to do more to boost the world economy when Group of Seven finance officials met on Saturday, European Central Bank President Mario Draghi said.

Before the meeting Britain's finance minister, George Osborne, said ministers would "consider what more monetary activism can do to support the recovery" - something that he is keen for the Bank of England to do.

But Draghi said the ECB, which cut interest rates to a record low last week, did not come under pressure to take further steps.

"There wasn't any call to do more," he told reporters after the meeting. "It is quite clear that all central banks have done a lot, each one within its own mandate. So (the meeting) was just taking note of this ... All of us have really been active."

The ECB is also looking at whether it can do more to promote small business lending in the euro zone via asset-backed securities (ABS), but Draghi said the central bank was better placed to assist other European institutions rather than take a leading role itself.

ABS allow banks to move some credit risk off their balance sheets by packaging loans up and selling them on to other investors. Credit markets were paralyzed during the financial crisis when such securities became toxic due to the default of housing loans that underpinned them.

"What is the role of the ECB in this? I think it is mostly catalytic, because the ECB works with the European Investment Bank and the (European) Commission, and I think it will be very much up to these actors to act, rather than the ECB," Draghi said.

He played down suggestions that the ECB was considering a program similar to the Bank of England's Funding for Lending Scheme, noting that the ECB already allowed banks to use small business loans as collateral in its financing operations.

Germany Finance Minister Wolfgang Schaeuble, who was at the G7 meeting held 40 miles outside London, has signaled his opposition to the ECB buying buy asset-backed securities, telling his party it would amount to "covert state financing," German magazine Spiegel reported on Saturday.

Popular posts from this blog

Study Abroad USA, College of Charleston, Popular Courses, Alumni

Thinking for Study Abroad USA. School of Charleston, the wonderful grounds is situated in the actual middle of a verifiable city - Charleston. Get snatched up by the wonderful and customary engineering, beautiful pathways, or look at the advanced steel and glass building which houses the School of Business. The grounds additionally gives students simple admittance to a few major tech organizations like Amazon's CreateSpace, Google, TwitPic, and so on. The school offers students nearby as well as off-grounds convenience going from completely outfitted home lobbies to memorable homes. It is prepared to offer different types of assistance and facilities like clubs, associations, sporting exercises, support administrations, etc. To put it plainly, the school grounds is rising with energy and there will never be a dull second for students at the College of Charleston. Concentrate on Abroad USA is improving and remunerating for your future. The energetic grounds likewise houses various

Best MBA Online Colleges in the USA

“Opportunities never open, instead we create them for us”. Beginning with this amazing saying, let’s unbox today’s knowledge. Love Business and marketing? Want to make a high-paid career in business administration? Well, if yes, then mate, we have got you something amazing to do!   We all imagine an effortless future with a cozy house and a laptop. Well, well! You can make this happen. Today, with this guide, we will be exploring some of the top-notch online MBA universities and institutes in the USA. Let’s get started! Why learn Online MBA from the USA? Access to More Options This online era has given a second chance to children who want to reflect on their careers while managing their hectic schedules. In this, the internet has played a very crucial in rejuvenating schools, institutes, and colleges to give the best education to students across the globe. Graduating with Less Debt Regular classes from high reputed institutes often charge heavy tuition fees. However onl

Sickening moment maskless 'Karen' COUGHS in the face of grocery store customer, then claims she doesn't have to wear a mask because she 'isn't sick'

A woman was captured on camera following a customer through a supermarket as she coughs on her after claiming she does not need a mask because she is not sick.  Video of the incident, which has garnered hundreds of thousands of views on Twitter alone, allegedly took place in a Su per Saver in Lincoln, Nebraska according to Twitter user @davenewworld_2. In it, an unidentified woman was captured dramatically coughing as she smiles saying 'Excuse me! I'm coming through' in the direction of the customer recording her. Scroll down for video An unidentified woman was captured dramatically coughing as she smiles saying 'Excuse me! I'm coming through' in the direction of a woman recording her A woman was captured on camera following a customer as she coughs on her in a supermarket without a mask on claiming she does not need one because she is not sick @chaiteabugz #karen #covid #karens #karensgonewild #karensalert #masks we were just wearing a mask at the store. ¿ o