Draghi Calls for Reform Amid Europe Austerity Fight

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

July 10 (Bloomberg) –- Bloomberg’s Jonathan Ferro reports on ECB President Mario Draghi’s weighing in on Europe’s austerity debate saying the region needs more centralized power to push governments to overhaul their economies. He speaks to Ryan Chilcote, Manus Cranny and Anna Edwards on Bloomberg Television’s “Countdown.” (Source: Bloomberg)

2012, 26 of july in 2012 when mario draghi made that infamous speech.

The ecb is willing to do whatever it takes to preserve the euro.

Believe me, it will be enough.

It certainly wasn't as momentous.

It was an infamous -- an intimate event.

But last night, it was not about money policy.

Draghi got very political.

There is a big debate in europe.

One hand saying these guys need to focus on reforms.

Reggie saying mind your own -- renti saying mind your own business.

Mario draghi said these countries have got to speak to their reforms.

There will be no fix ability.

We have rules to honor.

That is why we have this thing called credibility and it is very important.

On the monetary side of things, unless you make reforms, our monetary policy is not going to work.

If you open a business and it takes nine months to get the business up and running, how is a business going to get credit anyway?

It does not matter what the us -- what the ecb does.

At the eu level, maybe they could push these countries together to make reforms.

There was a big push last night on the political side of things and i find it very compelling.

He wasn't drying and persons with the role of the imf.

-- he was drying comparisons -- he was drawing comparisons with the role of the imf.

If you get somebody else to do it, you have somebody else to blame.

I don't know where that leaves democracy.

The whole debate with cameron pushing against the younger decision.

Ironically, this kind of message , if you can get it out the right way, might lend something of support to cameron.

But he is interfering in politics and you cannot deny that.

The eurozone needs someone like yonkers to leave them.

If europe is looking for more integration, they need a federalist meeting the eu.

If you need integration, of course you need a federalist.

My take away at the moment is the ecb is clearly very sensitive to the measures they unveiled and a push on the other side to get some folks ability.

Is it a surprise you see this noise from the likes of france who want more puts a belly -- more folks ability just a month after the ecb almost capitulated.

Now it is not just periphery.

It is not just germany.

It is france.

His point is he sees some brightpoint even on the unemployment figures.

We have seen how depressing some of those unemployment figures are.

They have done the reform.

They are starting to have an impact.

John, thank you very much.

We will talk about the u.k.

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change