Draghi won't 'print money'

European Central Bank chief Mario Draghi has ruled out the prospect of the bank printing money to help the Government ease the cost of repaying the debts of Anglo Irish Bank.

“We should remember that the ECB cannot undertake monetary financing, cannot replace what other member states should do,” Mr Draghi told MEPs at a hearing given in his capacity as chief of the European Systemic Risk Board.

“This is true for Ireland, and this is true for every other case like this. It’s too easy to think that the ECB can replace governments’ action, or lack of it, by printing money. That’s not going to happen.”