The ECB president said he expected rates to remain low for a considerable time.
The President of the European Central Bank (ECB), Mario Draghi, warned Thursday European leaders that monetary policy will not be enough by itself to revive the economy and that governments should do their work in adopting structural reforms.
“I made it clear that although the monetary policy has really been the only one who has been leading the recovery in recent years, can not deal with some basic structural weaknesses of the economy of the euro zone, “he said Draghi told reporters.
” to we need structural reforms, aimed mainly to raising the level of demand, public investment and low taxes. Even more importantly, one needs clarity about the future of our (…) monetary union, “he said after talks with leaders of the European Union.
Greater integration
Leaders Europeans negotiated in June increased integration of economies and making policy decisions in the 19 countries sharing the euro.
Draghi spoke to reporters after informing the European leaders in the state of the economy the euro zone and the risks it faces.
“the economy is recovering, albeit with less momentum. We see signs of improvement in various parts of the economy. Partly in the labor market, partly in the credit market, “said Draghi
The central bank chief said he expected interest rates ECB remain low or at a lower level than the present for a considerable period.
“the Governing Council expects that interest rates remain at this level or lower (…) for a period spacious and well beyond the end of our asset purchase program, “Draghi told reporters, reiterating statements last week
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