The President of the European Central Bank (ECB) has ruled out taking action to avoid a new property bubble in Ireland.

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

But he says the bank will not 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 is up to Ireland to deal with more local issues.