Mario Draghi urges governments to spend more, in final ECB outing – business live


Mario Draghi warns that geopolitical risks are threatening the eurozone recovery, as he gives his final press conference as president of the European Central Bank

  • Latest: Draghi says fiscal policy must do more
  • Press conference underway now
  • ECB leaves interest rates on hold
  • Fears mount over Germany
  • Eurozone economy looking sickly
  • Introduction: Draghi is leaving the ECB

3.29pm BST

Here’s some Twitter reaction to Draghi’s last press conference at the ECB – some highly complimentary, some less so….

Pity the monetary union that needs Mario Draghi. The eurozone should be very thankful for all he did in the past eight years. Now it must show it can do without its saviour. #Draghi

Across the G-3 central banks, Mario Draghi had by far the hardest job. A deeply divided Governing Council with powerful hawks that publicly undercut badly needed easing measures. Inflation is low, but it would be far lower without Super Mario. Thank you!

And the last word goes to @fwred as it rightly should. #Draghi

Mario #Draghi did rip off savers, but that should not distract from the fact he’s only a bureaucrat, willingly doing what it takes to save an unsustainable currency union which serves to prop up unsustainable welfare states, all backed up by democratically elected politicians.

3.27pm BST

Mario Draghi has used his final appearance as Europe’s top central banker to warn that the eurozone economy remains weak.

Sounding like a man spying clouds on the horizon, he declared:

The risks surrounding the euro area growth outlook remain on the downside.

In particular, these risks pertain to the prolonged presence of uncertainties related to geopolitical factors, rising protectionism, and vulnerabilities in emerging markets.”

One has the sense that somehow the lower likelihood of a hard Brexit or a cliff edge has improved the overall situation. On the other, the uncertainty is still there.

Draghi: With fiscal policy, the monetary policy objective will be reached sooner with less side-effects

Mario Draghi tells reporters he has no plans to open a Twitter account.

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