EPP Group wants Lagarde to focus on price stability alone

Markus Ferber MEP: “Eurozone must come off steroids” / Parliament’s committee to vote on new European Central Bank President

“Ms Lagarde must make it very clear that it is not the job of the European Central Bank to boost the economy, but to safeguard the value of the Euro and keep prices stable - nothing else”, said Markus Ferber MEP, the EPP Group’s Spokesman on Economic and Monetary Affairs, at today’s parliamentary hearing of Christine Lagarde, the candidate to become the European Central Bank’s new President.

Ferber expects Lagarde to stop the “ultra-easy monetary policy of the past years”. “The Eurozone must come off steroids. Ms Lagarde must explain how she wants Europe to get away from cheap money”, Ferber explained.

“Mario Draghi’s policy disguised many structural economic problems in some parts of Europe. It is better to solve problems than disguise them”, said Ferber, criticising the current President of the Central Bank.

After the hearing, Parliament’s Committee on Economic and Monetary Affairs will vote later today on Lagarde’s nomination. The vote is non-binding but politically necessary to go ahead with her formal appointment by EU leaders.