Mario Draghi defends ECB's role in Ireland's economic collapse

Mr Draghi gave an even stronger signal than heretofore that the ECB will extend its quantitive easing scheme at its December 3 meeting. He blamed the failure of inflation to increase on the slow down in developing countries.

The Government’s decision not to burn the junior bondholders has since paid off, European Central Bank president Mario Draghi insisted when questioned by Irish members of the European Parliament yesterday.

The blame for the economic crisis lies fully with the country and the decisions taken by the government of the time, he told the Parliament’s economics committee during a session of devoted to the ECB’s role in the crisis.