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World

Cracks show in Germany's fragile ECB truce

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World

Cracks show in Germany's fragile ECB truce

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COMING UP:Cracks show in Germany's fragile ECB truce

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00:00:00
>> Mario Draghi, the President of the European Central Bank, will be in Berlin on Wednesday to explain and defend ECB policies to German law makers, who have grown increasingly skeptical about the ECB's measures. I'm Noah Barkin, special correspondent for Europe at Reuters in Berlin. The last time that Draghi appeared in the Bundestag was 2012, months after his famous speech in London, where he announced that he would do whatever it takes to safeguard the Eurozone.
00:00:35
That statement and the bond buying plan that followed it is credited with preventing a collapse of the Eurozone, but four years later, a lot of the measures that Draghi announced then are still in place. And this has caused a great deal of concern here in Berlin. Draghi is expected to offer a vigorous defense of ECB policies, arguing that they have prevented a deflationary spiral in the Eurozone.
00:01:05
He may also press Germany to spend more, to implement economic reforms of its own. Draghi is gonna have to perhaps lay the groundwork, tell these MPs to expect an extension of the QE program and a broadening of the program to include more assets. That message is not likely to go down well in Germany, where the political landscape has become a lot more toxic.