Draghi Urges Governments To Support Real Growth
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The European Central Bank has done as much as it can to stabilize markets and support the economy, Governor Mario Draghi said Wednesday.
Now governments and parliaments should do all they can to raise growth potential and build a stronger and more stable EMU, he said in a speech to French parliament.
Although euro area has made much progress in recent years, it still faces many challenges. "Solving them requires EU institutions and national governments to work in concert," ECB chief added.
He reiterated that there are limits to what monetary policy can achieve. Monetary policy cannot create real economic growth.
"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 said.
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