Draghi: Reforms needed for growthJanuary 25, 2013 @ 2:41 am
DAVOS, Switzerland (AP) - The President of the European Central Bank admits the renewed calm in the euro area's financial markets has yet to be reflected in the wider European economy.
Mario Draghi said Friday at the World Economic Forum that markets for stocks, bonds and bank credit have "a new, restored sense of tranquility."
But he added that "we don't see this being transmitted into the real economy yet."
Draghi said governments need to move on structural reforms to make their economies grow faster, which will help reduce government debt.
He said that once that's achieved, the stimulus from the ECB's low interest rates and easy credit to banks "should find its way through to the economy and we will see a recovery in the second half of the year."
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Get Out of Jail Free?
Why Seattle firefighters won't face felony charges in alleged homeless beating
Seattle deploys one of its most popular work crews to clean up the city
Here are four ways to ruin your chances at that new home
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.