MEPs adopted in plenary session a resolution that stresses that the European Central Bank should do more to ensure that its cheap loans to banks were being passed on to the real economy and the ECB itself must become more transparent and accountable in line with its growing role in the Eurozone crisis.

A resolution adopted by the European Parliament calls on the European Central Bank to take measures like those designed by the Bank of England to ensure that cheap central bank loans to banks are passed on to the real economy. Following the vote, rapporteur Marisa Matias felt that the resolution no longer reflected the same level of criticism of the ECB as her earlier draft and therefore dissociated herself from the final text.

Among other things, the resolution also outlines a future banking union and the ECB's role in it. Moreover, it raises concerns about the limited democratic accountability and transparency of an ECB which has grown more politically prominent due to the Eurozone crisis.

On the debate held before the vote, a majority of MEPs urged the ECB to take action to help SMEs more directly and the real economy more widely. Mr Draghi replied that the ECB would remain "firmly committed to its price stability mandate". On EU banking union, Mr Draghi stressed the need to conclude talks as soon as possible, echoing the EP and Commission's intention to have legislative proposals on for single bank crisis resolution framework tabled by the summer.