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Draghi calling for structural reforms – ING

FXStreet (Guatemala) - Carsten Brzeski, FX analyst at ING Bank explained that at several occasions during the press conference, Draghi stressed that monetary policy alone could not restore growth in the Eurozone.

Key Quotes:

“He called several times for more (implementation of) structural reforms, the use of fiscal room for manoeuvre and demand-side policies”.

“Whether this was another invitation for Eurozone governments to join another grand bargain, or just another desperate cry in the dark remains to be seen”.

“The experience of the last years, however, tells us that the ECB’s advance payments have hardly ever been matched by equivalent government actions. In this context, the fact that Draghi mentioned the ECB’s unanimous commitment “to using additional unconventional instruments” three times compared with only one time last month is in our view a clear signal that the ECB is determined to do more and even bolder action if necessary”.

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