ECB's Draghi calls for more reform efforts in the Eurozone

FXstreet.com (Barcelona) - Speaking at a conference in Berlin ECB president Mario Draghi reiterated that the central bank would keep interest rates “at current or lower levels for an extended period of time,” given the continued weakness of the Eurozone economy and excessively elevated unemployment in the area.

The ECB head reminded that just one year ago the euro was at risk of collapse and financial markets experienced considerable jitters, but that the tension has now subsided. Recovery is now on track, but there is still a lot to be done to prevent it from faltering, especially through spurring badly needed growth and employment.

“Strengthening the euro area through sustainable policies, higher competitiveness and stronger common institutions is therefore our priority for today,” Mario Draghi stressed.

Furthermore he urged Eurozone governments to speed up the creation of the banking union in the area, which would help prop up ailing banks.