Draghi urges EU governments to stimulate growth

During his appearance before the French lower house of parliament on Wednesday, ECB president Mario Draghi said that so far the central bank made successful moves to support the Eurozone economy, although he reminded that monetary policy alone could not solve all the problems.

ECB's OMT program helped restore market functioning and the accomodative monetary policy is aimed at propping up growth, Draghi remarked, but Eurozone governments should continue implementing reforms in order to see further progress.

„If growth is stalling because the economy is not producing enough or because firms have lost competitiveness, this is beyond the power of the central bank to fix,” Draghi pointed out.

The ECB chief also urged EU officials to increase their efforts in building a banking union in the area.