Anneliese Dodds MEP

The South East's Voice in Europe

Cameron's "red warning lights"


The President of the European Central Bank dismissed the pessimistic view of David Cameron when discussing the outlook for the Eurozone economy.

While Cameron had said that the Eurozone's situation meant "red warning lights" were flashing on the world's economic dashboard, Mr Draghi gave a more cautiously optimistic outlook.

The comments came in Mr Draghi's appearance before the European Parliament's Economic and Monetary Affairs Committee today.

Without referring to David Cameron by name, the ECB Chair said that "people will say what they feel like saying". He made clear that the ECB was carefully monitoring the situation and had plans in place should risks materialise, but that did not mean that these plans would need to be used. Instead, he felt a third recession would be avoided and that "our expectation of modest recovery in 2015 and 2016 remains in place".

After listening to Mr Draghi's comments during the Committee hearing, Anneliese said: "This was an opportunistic, and pretty cynical, intervention from David Cameron. When the UK economy was at its lowest - a situation prolonged by his government's policies - Cameron and his cabinet said that anyone who drew attention to how bad things were was 'talking down the economy' and making things worse. But now he's more than happy to do the European economy down at any given opportunity.

"That's spectacularly short-sighted. Europe is the UK's biggest trading partner, and it's in all our interests for the European economy to be doing as well as possible. Instead of standing on the sidelines moaning about how bad things are, David Cameron should be finding ways to work positively with European leaders to get Europe growing again.

"That's something that the President of the ECB seems to understand, and so it's little wonder he gave short shrift to Cameron's comments and spoke much more optimistically. As if to prove the point, the FTSE 100 rose right at the end of the day after Mr Draghi had spoken to our Committee."

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