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Mario Draghi says the €1 trillion loans are giving some breathing space to banks and governments (Photo: World Economic Forum)

ECB cheap loans no substitute for reforms, Draghi warns

ECB chief Mario Draghi on Wednsday (4 April) said talk of an exit strategy from the one-trillion-euro cheap loans programme was "premature", but warned that this was no substitute for reforms.

Speaking at the monthly press conference in Frankfurt, the Italian banker defended the "non-standard" policy - criticised by some economists and the German central bank as a covert money-printing operation.

Draghi said the so-called long-term refinancing operation (LTRO) injecting €1 trilli...

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Mario Draghi says the €1 trillion loans are giving some breathing space to banks and governments (Photo: World Economic Forum)

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