{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Mario Draghi says he sees little short term inflationary risk within eurozone' data-url='/boclips/videos/5c54bb2ad8eafeecae12306c' data-video-url='/boclips/videos/5c54bb2ad8eafeecae12306c' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nMario Draghi says he sees little short term inflationary risk within eurozone\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Various of Mario Draghi, President of the European Central Bank (ECB), inside the Le Monde-sponsored symposium on competitiveness 2. Wide of Draghi addressing attendees 3. SOUNDBITE (English) Mario Draghi, President of the European...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Various of Mario Draghi, President of the European Central Bank (ECB), inside the Le Monde-sponsored symposium on competitiveness \u003cbr/\u003e2. Wide of Draghi addressing attendees \u003cbr/\u003e3. SOUNDBITE (English) Mario Draghi, President of the European Central Bank:\u003cbr/\u003e\"We are continuously alert to the risk of inflation.  But this risk is not materialising at the present time. Output growth is still, output gap is still quite wide in many parts of the Eurozone, I would say in the whole Eurozone and the unemployment is still quite high almost everywhere. Moreover, inflation expectations remain firmly anchored in line with price stability. But just in case one is worried, I am never tired to repeat that all the necessary tools to address potential upside risk to medium term price stability are fully available.\"\u003cbr/\u003e4. Cutaway of attendees at lunch\u003cbr/\u003e5. SOUNDBITE (English) Mario Draghi, President of the European Central Bank: \u003cbr/\u003e\"The euro area performance in the global economy is good but continuous adjustment is needed to keep up in a highly dynamic  international investment environment. Within the euro area a number of countries need to repair and strengthen their competitiveness for the sake of  their own continued prosperity and the overall stability of the monetary union.  We always knew this, that unless we proceed with our structural reforms all together and it was said several times at the beginning of the euro, it would be difficult to keep the area together.\"\u003cbr/\u003e6. Wide of Draghi speaking to attendees\u003cbr/\u003e7. SOUNDBITE (English) Mario Draghi, President of the European Central Bank:\u003cbr/\u003e\"Countries should use this phase of financial stabilisation to make further progress on their programmes of economic reform, to strengthen their potential growth, to boost employment and to enhance competitiveness. But it's not only countries and governments that should act. Also banks, and there are many of them here.\"\u003cbr/\u003e8. Cutaway of Draghi speaking to attendees \u003cbr/\u003e9. SOUNDBITE (English) Mario Draghi, President of the European Central Bank:\u003cbr/\u003e\"Banks too should use this currently more benign environment to strengthen their resilience further including by retaining earnings, cutting dividends and bonuses. The soundness of banks' balance sheets will be a key factor in facilitating an appropriate provisional credit to the economy which is their main task. The financial system should serve the economy and not the other way around.\"\u003cbr/\u003e10. Wide of Draghi speaking to attendees \u003cbr/\u003eThe President of the European Central Bank (ECB) Mario Draghi said on Tuesday that the risk of inflation has not materialised at the moment but that \"all the necessary tools to address potential upside risk to medium term price stability are fully available.\" \u003cbr/\u003eSome have been concerned that ECB loans to banks could eventually push up inflation, but Draghi stressed that price increases remain in check.\u003cbr/\u003eBy loosening collateral requirements, the ECB gave banks more than euro one trillion (t) (1.31 trillion (t) US dollars) in loans in two operations December 21 and February 29.\u003cbr/\u003eThe ECB's three-year emergency loans at a current interest rate of one percent have been credited with helping ease Europe's government debt crisis by steadying banks that could not borrow elsewhere. \u003cbr/\u003eBut with the emergency loans, the ECB took on additional risk by broadening the range of financial assets it accepted as collateral. \u003cbr/\u003eIt says it is managing those risks by demanding in some cases far more collateral than the amount of the loans.\u003cbr/\u003eSpeaking at a conference on competitiveness in Paris, Draghi urged banks and governments to use a \"phase of financial stabilisation\" wisely to strengthen themselves and help the wider economy to return to growth.\u003cbr/\u003eHe encouraged banks to retain earnings while making cuts to dividends and bonuses. \u003cbr/\u003eDraghi said that by reinvesting their profits - and not distributing them in bonuses and dividends - banks could make more loans to the so-called \"real economy\" - households and businesses.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan 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