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Summary

  1. European Central Bank (ECB) President Mario Draghi appeared before the European Parliament's Economic and Monetary Affairs Committee.
  2. He was questioned on the impact on the ECB's quantitative easing programme and the role of the Bank in EU bailout countries, particularly Ireland and Greece.

Live Reporting

By Paul Seddon

All times stated are UK

  1. Meeting ends

    That's the end of the "monetary dialogue" with ECB President Mario Draghi.

    That was the final one of the four "dialogues" he is obliged to have with MEPs under the terms of the EU's treaties. 

    The ECB Governing Council will next meet on 3 December. 

  2. Reforms needed for 'structural' recovery

    Italian centre-right MEP Fulvio Martusciello asks Mario Draghi to what extent the economic recovery in Italy is down to the ECB's quantitative easing programme. 

    He says that yesterday the Italian finance minster Pier Carlo Padoan mentioned during an interview that the programme was only one of a number of measures taken that have led to a recovery in the country. 

    Mr Draghi replies that the Bank's QE programme is "certainly not" the only factor in the Italian recovery, although he says they have "evidence" to suggest that the scheme "has been effective". 

    He says he would like to reiterate that quantitative easing is only able to foster a "cyclical" recovery - a long-term, "structural" recovery can only be achieved through economic reforms. 

    Mario Draghi
  3. Draghi: Eurozone could 'emerge stronger' from migrant crisis

    There's some backing for Mr Draghi, however, from German social democrat Udo Bullman, who says the Bank chief took "brave decisions" decisions during the crisis. 

    He adds that without those decisions, there "wouldn't be a Euro today".

    He asks what fiscal impact he sees for countries attempting to deal with the migrant crisis at Europe's borders. 

    Mr Draghi says that the Bank does not have a full analysis of the impact it could have on countries' budgets, but that the crisis will undoubtedly change the "social texture" of EU.

    He adds, however, that if the crisis is properly managed, it is possible that in "due time", the Eurozone could emerge stronger.  

    Udo Bullman
  4. ECB does not 'respond' to national parliaments

    UKIP's Diane James uses her first-ever question to Mario Draghi to pick up on the refusal of ECB officials to appear before an Irish parliamentary inquiry into the country's banking crisis. 

    She asks if there are any circumstances in which the ECB might co-operate with an inquiry in a national parliament.

    "We don't respond to national parliaments" replies Mr Draghi, noting that according to the treaties the Bank is accountable to the European Parliament. 

    Ms James responds that she has concerns about whether the scrutiny function of the European Parliament is "actually addressing the issues" in member states. 

    Diane James
  5. Questions on role of bank

    There's more questions for Mario Draghi about the conduct of the Bank in previous bailouts, and whether it overstepped its remit. 

    Last year, the ECB published published previously secret correspondence in which it pressed the Irish government to seek a financial bailout.

    The Bank's former President Jean-Claude Trichet wrote to the Irish Finance Minister, threatening to cuts off emergency funding to the country's banks, adding that financial support could only continue if if the Irish government made a written commitment for support. 

    The letter said the letter should include a commitment to "fiscal consolidation" - i.e. austerity. 

    Green MEP Sven Giegold says the role of the ECB in these matters should be set down "clearly and in writing" to avoid reputational damage. 

    In response, Mr Draghi says the Bank acted "with good judgement and independence". 

  6. ECB an 'arsonist' of Irish crisis

    Sinn Fein MEP Matt Carthy says that not only before, but also after the bailout, the ECB "directly interfered" in the democratic decision-making process in Ireland.

    He adds that the "destructive and illegal" decisions taken under the bailout have forced the Irish people to bear a "disproportionate burden" of the consequences of the economic crisis. 

    He adds that far from being a "firefighter" in the Irish crisis, the ECB was "one of the arsonists". 

    In reply, Mr Draghi says he "still contends" that the ECB acted as a firefighter, and repeats his assertion that the Irish banking crisis was "entirely homemade". 

    Matt Carthy
  7. 'Entire system' at fault

    Another Irish MEP, liberal Marian Harkin, takes Mr Draghi to task a bit on his comments that the economic decline in Ireland was "entirely homemade". 

    She says that the Eurozone "wasn't fit for purpose" at the time of the crisis, and that "the entire system was faulty - not just the Irish banks". 

    Marian Harkin
  8. UK-EU renegotiation will be 'in good faith'

    French Socialist Pervenche Beres asks Mr Draghi to react to proposals on the future of the Eurozone included in David Cameron's letter to European Council chief Donald Tusk earlier this week. 

    He replies that it is not for him to comment on a "political question" arising from the "complicated interaction" of the UK's EU renegotiation. 

    He adds that the ECB will continue to act in a way that complies with the EU's treaty provisions, but says he has confidence that both sides in the renegotiation "will be acting in complete good faith". 

    Pervenche Beres
  9. Draghi: Irish collapse "entirely homemade"

    Irish Fine Gael MEP Brian Hayes says that whilst he acknowledges that the breakdown in the Irish economy didn't happen on Mario Draghi's "watch", there remain "unanswered" questions on how the Irish bailout has been conducted. 

    In response, Mr Draghi says that the economic crisis in Ireland was "entirely homemade", and exacerbated by actions taken by the Irish government before the ECB "got involved". 

    However, he adds that, partly due to the "sacrifices" of Irish people, the actions have led to a "success story" of recovery in the Irish economy. 

    He says the country has passed its programme with "flying colours", with GDP per person now higher in Ireland than the Eurozone average.  

    Brian Hayes
  10. 'Misguided national economic policies'

    Mr Draghi begins by telling MEPs about some of the measures the Bank has taken to improve the transparency of its decision-making processes. 

    Last week, the Bank released the diaries of the members of its executive board from August last year to the end of this July. 

    He adds that from next February, these dairies will be published on a monthly basis.

    However, he says that officials will not discuss "market-sensitive" information in public hearings. 

    On the topic of EU bailouts in countries such as Ireland and Greece, he says he maintains that the Bank played "the role assigned to it" under the EU treaties. 

    Telling MEPs that the "imbalances" in the economies of bailout countries were often created by "misguided national economic policies", he adds: 

    Quote Message: don’t blame the fire damage on the fire brigade".
    Mario Draghi
  11. Good Morning

    Welcome to coverage of this appearance of ECB President Mario Draghi in front of MEPs on the European Parliament's Economic and Monetary Affairs Committee.