Draghi Says German Savers Can't Expect Returns While Reforms Lag
- German current account surplus contributes to low rate era
- ECB President calls for institutional reforms in euro area
ECB's Draghi Speaks: Low Rates, EU Institutional Reform
This article is for subscribers only.
European Central Bank President Mario Draghi said German savers can’t expect high returns for their savings until economic reforms rekindle demand for capital.
Speaking at the annual meeting of the Asian Development Bank in Frankfurt on Monday, Draghi answered persistent critics in Europe’s largest economy who blame ECB policy for depressing returns on savings, arguing that high current account surpluses in Europe were also responsible for the global glut of capital.