Honourable Members of the Bundestag,
Ladies and gentlemen,
Thank you for your invitation. It is a pleasure to speak here in in the halls of the Committee on the Affairs of the European Union, where you bring the debate about European integration to the Bundestag, the heart of German democracy.
As President of the ECB, I am here today to explain our policies and discuss with you how the ECB is acting to fulfil the mandate that was democratically conferred upon us by the Treaty. As members of the Bundestag, you know what the concerns of the German people are. I look forward to hearing about these concerns and addressing them today.
When I came to the Bundestag four years ago, we were at the height of the crisis. Today, the euro area is in better shape. To protect price stability, the ECB used its instruments in a manner it had not done before and developed new tools – all within our mandate. We reduced our interest rates to very low levels, provided targeted financing to support banks’ lending to firms and households, and started a large-scale asset purchase programme. Read full script.