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Draghi urged to commit on structural reforms

FXStreet (Córdoba) - At his speech before the European Parliament’s Economic and Monetary Affairs Committee, ECB President Draghi urged all European institutions to commit on concrete short-term commitments for structural reforms to bring economy back on track.

Draghi said expectation for a moderate recovery in 2015 and 2016 remains in place, and demand should be supported by monetary policy among other factors. However, he warned risks to the economic outlook continue to be on the downside and high unemployment, sizeable unutilised capacity, and the still ongoing and necessary balance sheet adjustments are likely to dampen the recovery.

ECB President commented the monetary policy measures decided in June and September this year, the TLTRO and the purchase programmes for asset-backed securities and covered bonds, were designed to overcome obstacles in the credit sector, and those measures are delivering tangible benefits. However, monetary policy alone can’t do everything and cannot overcome financial fragmentation.

Draghi also said additional measures could include further changes to size and composition of balance sheet, if warranted.

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