PARIS (AP) — European Central Bank head Mario Draghi says the bank has "done as much as it can" to stabilize Europe's troubled economy and that now it's up to national governments to reform their economies.
Draghi urged politicians to streamline excessive labor market regulations that result in high levels of youth unemployment.
He said in a speech Wednesday to French members of parliament that governments "need to do all they can" to increase potential growth and make their economies more competitive.
So far the ECB has cut its key interest rate to a record low of 0.5 percent, offered unlimited cheap loans to banks and outlined a plan to buy government bonds issued by indebted countries. Analysts say the bank could cut rates again sometime this year.
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- Mario Draghi
- European Central Bank