herald

Tuesday 19 September 2017

Austerity rules to stay, says ECB

THE European Central Bank sees positive signs for stabilisation but President Mario Draghi said that Ireland won't be given a "green light" to relax austerity measures.

Mortgageholders' hopes were dashed yesterday when the ECB decided to hold its benchmark interest rate at 1pc.

President Mario Draghi (right) called for a "rigorous" implementation of the new eurozone fiscal framework. But he dismissed suggestions that Ireland might be allowed to substitute growth for austerity. "There is no green light [to do that]," he said.

"Growth creation must be a primary objective but that doesn't mean there aren't equally important objectives."

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