ECB's president: euro zone economic health at risk
Years of weak growth have eroded euro zone productivity, raising the risk of permanent damage to its economic health, the European Central Bank's president said on Thursday, underscoring his argument that monetary policy alone cannot end the bloc's economic malady.
"There are many understandable political reasons to delay structural reform, but there are few good economic ones. The cost of delay is simply too high," Mario Draghi told the Brussels Economic Forum.
"We do not let inflation undershoot our objective for longer than is avoidable given the nature of the shocks we face," Draghi said. "For others, it means devoting every effort to ensuring that output is returned to potential before subpar growth causes lasting damage."