Mario Draghi acknowledged the pain European Central Bank policies are bringing to some of Europe’s savers and banks while vowing to press on with his efforts to bring back inflation.
“The volume of these concerns, the vocality of these concerns is definitely higher in Germany,” the ECB president told a press conference at the end of an almost two-hour closed-doors meeting with German lawmakers in Berlin on Wednesday. “That doesn’t make any difference to us really in the sense that we are sensitive, we do share these concerns and we are also aware that it is only in reaching our objective of price stability that these concerns can be addressed forever.”
Draghi is under pressure in Europe’s largest economy for his policies that are accused of hurting savers, weakening banks and helping fuel the rise of populist parties. Growing market concerns over the health of Deutsche Bank AG, Germany’s biggest lender, also loomed large over the meeting.