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MEPs to quiz Draghi on eurozone monetary policy

Xinhua, November 22, 2016 Adjust font size:

The members of European Parliament (MEPs) will discuss the current monetary policy of the euro area with European Central Bank (ECB) President Mario Draghi on Monday evening.

The ECB chief is in Strasbourg presenting the bank's Annual Report for 2015 to the European Parliament (EP). During the EP plenary scheduled on Nov. 21 to Nov. 24, a resolution will be voted on the monetary issues of the euro area.

Draghi will be quizzed on low and geographically uneven growth in the euro area, low inflation rates and the lack of investment in the real economy against the backdrop of Britain's withdrawal from the EU and the uncertainty it adds to the economic outlook, a statement released by the EP said.

MEPs are also concerned that the ECB is weakening the link between the provision of liquidity to banks and their lending to the real economy. They argued that the ECB enabled the banks to borrow at negative rates without increasing their lending to firms and households in the euro area.

Therefore, the MEPs said in the statement that they will call for the EU banking union to be completed and implemented in full and also for further work on the capital markets union, in order to improve the effectiveness of single monetary policy. Endit