Ms Sharon Bowles
Chairwoman of the Committee
on Economic and Monetary Affairs
60, rue Wiertz
Frankfurt, 10 January 2014
Re: Your letter of 6 December 2013 [here]
Dear Ms Bowles,
Thank you for your letter of 6 December in relation to the ECB’s internal preparations for the Single Supervisory Mechanism (SSM). A number of the issues raised in your questions remain under discussion. On other aspects, this letter provides relevant information, complementing my letter of 15 November 2013, now that more information is available.
At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.75%, 1.50% and 0.00% respectively.
Mario Draghi, President of the European Central Bank,
spoke to Lionel Barber, Financial Times editor,
and Michael Steen, Frankfurt bureau chief,
in Frankfurt on 11 December 2012 and published on 14 December 2012.
FT Do you think when historians look back, that they will say this was the year that the euro was rescued?
MD This year will in my view be remembered as the year when the long-term vision for the euro and the euro area was re-launched. The June summit, especially, was a key event. It’s also the year when euro area governments achieved substantial progress in adjusting their economies. And it’s the year when the ECB has stepped in to remove tail risks.