The head of the European Central Bank, Mario Draghi underlined that the EU should push for reforms and tax cuts to boost demand and public investment in the continent. Draghi, who participated in the opening of the EU Summit underlined that the there were signs of recovery in the EU economy, but added that risks still remain.
He pointed out the role the ECB played in aiding the recovery by implementing quantitative easing in the real economy and estimated that based on the current prospects, interest rates would remain at the low levels they are today or drop further in the long run.
The Italian banker noted that the economic recovery was largely due to fiscal policies adopted.
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