Draghi Said to Tell EU Leaders `No Alternative' to ECB Rate Cuts
- Leaders should provide clarity on euro-area's future, he says
- Savers, bankers, insurers need reassurance, EU summit told
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European Central Bank President Mario Draghi told European Union leaders that the central bank has “no alternative” to its recent rate cuts and monetary policy actions, according to two officials familiar with deliberations.
Draghi told EU heads of government gathered in Brussels that the most important thing they could do would be to provide clarity on the future of the euro area during a closed-door session. He also encouraged them to support the central bank by reassuring savers, insurers and bankers about potential market distortions or risks to financial stability from the latest stimulus efforts. The officials asked not to be identified discussing private talks.