New York

Draghi defends QE, says created 7 mn jobs in 4 yrs (4)

Rates will remain low for long says ECB chief

Draghi defends QE, says created 7 mn jobs in 4 yrs (4)

New York, October 12 - European Central Bank President Mario Draghi defended quantitative easing at a conference with former Fed chief Ben Bernanke, saying the policy had helped create seven million jobs in four years. Bernanke chided the idea that QE distorted the markets, saying "it's not clear what that means". Draghi has faced criticism, especially in German banking circles, for his QE policy. Draghi also said that interest rates would remain low for a long time. He said that looking at the labour market, pay levels were still unsatisfactory although some progress had been made.

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