ECB decision was necessary but not sufficient, says Elisa Ferreira – iOnline

ECB decision was necessary but not sufficient, says Elisa Ferreira – iOnline

The Portuguese MEP Elisa Ferreira, the Socialist spokesman for Economic Affairs, said that today’s decision by the European Central Bank (ECB) to buy debt, was necessary, but argued that, by itself, does not is sufficient.

“The action of today’s ECB is very necessary, but will not suffice to put Europe on a sustainable path to growth,” considered the Member of the PS to the European Parliament, who is now necessary to make full use of flexibility in the rules of fiscal policy and quickly implement a “strong European investment program.”

Elisa Ferreira also called for greater coordination of economic policies, so that the countries with the largest surpluses “also do their part” to support demand and create confidence in a “balanced economic growth” throughout the Europe.

Less enthusiastic was the response of the European People’s Party (EPP), the largest European political family, and incorporates the delegations of the PSD and CDS-PP, today’s announcement by the President of the ECB, Mario Draghi, which revealed that the institution he leads will buy monthly 60 billion euros debt and private until September 2016.

The EPP spokesman for Economic Affairs, Burkhard Balz, said he believed the ECB will act responsibly and fully transparent manner, but noted that the institution “will have to explain why actions that go beyond conventional monetary policy measures, such as changing interest rates are necessary and justified.”

“The continued structural reforms are essential for the future of the eurozone and to ensure the success of economic policies. Europe must not differ from the reform path. It is the responsibility of national governments” said in turn the Chairman of the EPP in the European Parliament, Manfred Weber.

Mario Draghi announced in Frankfurt that the ECB will buy monthly 60 billion public and private debt euros, justifying the measure on the continuing very low level of inflation.

The Board of Governors “decided to launch a broad asset purchase program,” announced the President of the ECB at the press conference following the first meeting this year of the institution,

Draghi also said that 20% of the purchase of securities have shared risk.