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"You have made a contribution to Europe" TIME ONLINE

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Federal President Frank-Walter Steinmeier has the long-time head of the ECB Mario Draghi recognized for his services to the euro zone and European cohesion. Draghi "made a contribution to Europe," said Steinmeier when the Federal Republic of Germany was awarded the Order of Merit to the former President of the European Central Bank (ECB). In this way, Draghi also "did a great service to Germany". In "stormy times, he held the euro and the European Union together," said Steinmeier.

"Nobody can imagine where Europe is today, if not only
the UK would have left the European Union, but
 at the same time the euro zone would have been broken, "said
Steinmeier, Draghi had "with all his strength and – yes, even under
Accepting risks – counteracted "and in a scenario" for
that there was no European script, "said the Federal President." But
 Waiting was not an option. You acted. "

From November 2011 until the end of October last year, Draghi was the head of the ECB responsible for monetary and interest rate policy in the euro zone. The central bank also played a central role in the financial and sovereign debt crisis because, with a zero interest rate policy and the massive purchase of government bonds, it ensured that the euro countries in trouble were able to continue to finance themselves.

The Italian had become famous in 2012 with the phrase "whatever is necessary", with which he assured that the ECB would do everything within its mandate to save the euro – and thus, above all, took away the business basis from speculators on the stock exchanges. The result was an ultra-loose monetary policy; the base rate was under Draghi's leadership to a record low of 0.0 percent
lowered.

"Too often" no respect for Draghi

The award was also criticized for this monetary policy in Germany. Draghi "simply doesn't deserve the award," said FDP vice-group leader Michael Theurer. After all, its "lowest interest rate policy" would have German retail investors and
Pensioners "assets in the billions lost".

Left Group Vice
 Fabio De Masi criticized the ECB for its role in the so-called Greek crisis. As the "engine of the troika", the depression was further deepened in southern Europe. At the same time, De Masi rejected the criticism of the award as "lying". The negative interest rates and the concern of many people for their pensions rather went "to the account of the federal government" Europe with "cut packages" and pushed the population into private pensions.

Steinmeier also addressed the criticism of the ECB president in his speech. Towards Draghi, respect and decency were "too often" lost, clichés determined the key. Many of the allegations made to the ECB are more "group-oriented or contradicting themselves".

. (tagsToTranslate) Economy (t) Mario Draghi (t) Mario Draghi (t) Frank-Walter Steinmeier (t) ECB (t) Europe (t) Bellevue Palace



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