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ECB President Mario Draghi said in response to a query from a member of the European parliament on Thursday that the European Central Bank has no plans to end its business relations with U.S. telecoms firm Verizon. The German government said in June it had canceled a contract with Verizon as part of an overhaul of its internal communications, prompted by revelations last year of U.S. government spying. In the letter to Fabio De Masi, Draghi wrote that the ECB “takes the threat of economic espionage very seriously”. He said the ECB has two arrangements with Verizon: a framework agreement on the provision of certain internet-related services, and a contract related to the provision of certain business continuity services.

“ECB Sticks With Verizon In Wake Of U.S.-German Spying Clash” is categorized as “business”. This video was licensed from Grab Networks. For additional video content, click the “video” tab at the top of this page.

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