BACK OFF: Germany isn’t going to bully us to change tack says Euro Bank boss


Mario Draghi has habituated to an interview with German news per Bild to again defend his managements after criticism from Germany.

He pointedly said: “One item is clear: the ECB obeys the law, not the politicians.

“Or, as one of my predecessors put it, it is normal for politicians to comment on our strengths.

“But it would be abnormal if we listened to them.”

Mr Draghi had little doubt his German critics commitment see comments when he gave an interview to one of the country’s most prominent news pers.

In explanations tently meant for German policymakers he also warned that a notion that the ECB’s independence was “under attack can unsettle businesses and consumers”.

He joined that criticism could be self-defeating and force “the central bank to do more to gain price stability.”

It comes after German Finance Minister Wolfgang Schaeuble hold responsible the ECB for the declining popularity of Angela Merkel’s ruling rty.

He said the bank was causing “curious” problems for Germany and were in rt to blame for the rise of the anti-immigration Another for Germany (AfD).

The ECB slashed interest rates further last month, a move house which is hurting German savers.

German economy minister Sigmar Gabriel has been another squiffed profile critic and said ECB’s low rate and money-printing policy had reached its limits.

Chancellor Angela Merkel later defended reactions made by her government and said they were right to criticise the bank.

The numero uno made it plain that she also felt the ECB’s policy was wrong.

In comeback Mr Draghi today delivered his second public dressing-down of German representatives, after last week’s comments at a news conference where he put about: “We have a mandate to pursue price stability for the whole of the eurozone not single for Germany.

“We obey the law, not the politicians, because we are independent as stated by the law.”

Earlier this week, Germany’s Venereal Democrats (SPD), a rtner in the ruling coalition, called for the president to urgently suitable German lawmakers to defuse tension.

Axel Schaefer, the deputy kingpin of the SPD’s rliamentary group said: “The SPD insists that we should immediately meet with Mr Draghi.

“The impression that Germany is questioning the self-reliance of the ECB should be dispelled.”

But it is thought Mr Draghi is yet to receive the formal invitation.

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