Rome

Draghi demands 'ambitious structural reforms' by governments

Rome, April 15 - European leaders must move more quickly to establish a powerful structure to deal with bank failures while protecting taxpayers, Mario Draghi said Monday. The president of the European Central Bank said that a new banking surveillance mechanism for members of the common currency is a "first and important step". But, he added in a speech to students in Amsterdam, it is also crucial to have a banking supervisory structure that could restructure or even close banks with serious problems that threaten the entire system. Draghi also warned that monetary policy by central banks cannot resolve all economic problems and that governments must also do their job with the correct policies. That will involve "ambitious structural reforms", said Draghi, noting that a lack of economic competitiveness is a common problem among European economies now under financial stress.

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