The president of the ECB has ruled out taking action to avoid a new property bubble in Ireland.

Mario Draghi says the bank is watching Ireland's property market very closely as it emerges from its bailout.

But he says the bank won't take action to avoid the economy being put at risk by another property bubble.

He says the ECB can only act in the interests of the whole Eurozone - and it's up to Ireland to deal with more local issues: