BUNDESTAG HEARING

Super Mario Enters the Lion's Den

European Central Bank (ECB) President Mario Draghi waits to address the European Parliament's Economic and Monetary Affairs Committee in Brussels, Belgium, June 21, 2016. REUTERS/Francois Lenoir/File Photo
Mario Draghi braved a lion's den of ECB critics on Wednesday - the German Bundestag.
  • Why it matters

    Why it matters

    ECB chief Mario Draghi needs the support of Europe’s largest economy for his policies to be politically sustainable over the long run.

  • Facts

    Facts

    • ECB chief Mario Draghi answered questions during a close-door session of the German Bundestag’s committee on E.U. affairs.
    • Mr. Draghi said the ECB’s controversial policies had stimulated growth in the European Union, contributing to Germany’s economic boom.
    • Mr. Draghi downplayed German concerns that low interest rates are hurting savers, arguing that returns can still be made by diversifying portfolios.
  • Audio

    Audio

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The German parliament, the Bundestag, has long been a stronghold of opposition to the controversial policies that the European Central Bank adopted in the wake of the euro-zone debt crisis.

And the concern in Germany has only grown as ECB chief Mario Draghi has doubled down on historically low interest rates and an €80 billion ($89 billion) monthly bond-buying program this year.

Facing a chorus of opposition from Europe’s largest economy, Mr. Draghi sought to defend his policies on the home turf of his staunchest critics on Wednesday.

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