{"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='ECB chief defends interest rates policy' data-url='/boclips/videos/5c54cae5d8eafeecae19fb3f' data-video-url='/boclips/videos/5c54cae5d8eafeecae19fb3f' 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\nECB chief defends interest rates policy\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'\u003eMario Draghi head of European Central Bank (ECB) gave the key note speech at the annual Asian Development Bank (ADB) meeting in Frankfurt on Monday, telling delegates there was no alternative to keeping interest rates low at this...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eMario Draghi head of European Central Bank (ECB) gave the key note speech at the annual Asian Development Bank (ADB) meeting in Frankfurt on Monday, telling delegates there was no alternative to keeping interest rates low at this time.Keeping rates low would encourage investment and consumption, which would, in the medium term, benefit savers as well as borrowers, he said in his speech.Draghi told delegates that the ECB's monetary policy was stimulating the eurozone economy, and that while inflation remained weak, there was no alternative to such a policy.His comments come amid criticism from politicians in Germany, the euro-zone's biggest economy, that ECB policy was penalising savers.Mario Draghi head of European Central Bank (ECB) gave the key note speech at the annual Asian Development Bank (ADB) meeting in Frankfurt on Monday, telling delegates there was no alternative to keeping interest rates low at this time.Keeping rates low would encourage investment and consumption, which would, in the medium term, benefit savers as well as borrowers, he said in his speech.Draghi told delegates that the ECB's monetary policy was stimulating the eurozone economy, and that while inflation remained weak, there was no alternative to such a policy.His comments come amid criticism from politicians in Germany, the euro-zone's biggest economy, that ECB policy was penalising savers.Frankfurt - 2 May 20161. Mario Draghi, President of the European Central Bank, walking to podium2. Cutaway screen reading (in English) The Future of Financial Markets: A Changing View of Asia 3. SOUNDBITE (English) Mario Draghi, President of the European Central Bank (ECB):\"By holding market rates below the real rate of market return we encourage investment and consumption that is needed to bring the economy back to potential. That in turn creates the conditions for monetary policy to eventually normalise. It might seem at first glance that this policy is tantamount to penalising savers in favour of borrowers but in the medium term expansionary policy is actually very much to the benefit of savers.\"4. Cutaway of conference logo5. SOUNDBITE (English) Mario Draghi, President of the European Central Bank (ECB):\"Savers can still earn satisfactory rates of return from diversifying their assets, even when interest rates on deposits and saving accounts are very low. For example, US households allocate about a third of their financial assets to equities whereas the equivalent figure for French and Italian households is about one fifth, and for German households only one tenth. By contrast German households keep almost 40 per cent of their assets in cash and deposits and French and Italian households approximately 30 per cent. The equivalent number is less than 15 per cent for US households.\"6. Cutaway cameraman7. SOUNDBITE (English) Mario Draghi, President of the European Central Bank (ECB):\"In the euro-area we need expansionary macroeconomic stabilisation policy to support demand, starting of course with monetary policy. That will allow inflation to return to our objective and in time for policy interest rates to rise back to their long term levels. But monetary policy cannot raise long-term real rates. That can only be achieved by structural reforms that elicit a structural rebalancing of savings and investment. Higher real returns on savings must come through decisive action on the supply side.\"8. 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