January 24, 2015, 9:07 Berlin, Jan 24 (Prensa Latina) President of the European Central Bank (ECB), Mario Draghi, said today that the governments of Eurozone must redouble their efforts to create a genuine economic union.
In an article published by the German magazine WirtschaftsWoche, the holder of the Community financial institution said that reforms are needed to increase competition, cut red tape and improve labor market flexibility.
Two days after announcing his broad and controversial purchase program of sovereign and corporate bonds euro nations, Draghi urged the 19 nations of the common currency do their part in the process.
Requiring governments in an economic union to carry out reforms structural lends credence to the idea that really can overcome their debt through growth, he said.
Each member must be in a position to take advantage over the market to attract capital and create jobs, remarked ECB President .
The last Thursday when he announced the program to perform a combined acquisition of public and private debt worth 60 billion euros monthly from March 2015 to September 2016, Draghi said that the measure by alone will not be enough to revive the regional economy.
The purpose of monetary policy is to maintain stable prices in the long term, but increase investment, promote the creation of jobs and grow productivity require additional strategies, he said.
At the same time, estimated to be supporting economic recovery through fiscal policy, debt sustainability and compliance with the Stability Pact and European growth.
rc / mar
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