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Financial News: ECB's Praet Warns Against Complacency Over Reforms

ECB's Praet Warns Against Complacency Over Reforms

11/30/2017 - 05:44:00 (RTTNews)

(RTTNews) - Eurozone's current economic recovery is broad-based and solid, supported by monetary policy and a host of other steps, but more needs to be done to put growth on a sustainable path and to shield the economy from future shocks, European Central Bank Executive Board member Peter Praet said Thursday.

"While monetary policy still plays an important role in sustaining the recovery, it is not "the only game in town"," Praet, who is the ECB chief economist, said in a speech in Brussels.

"Years of balance sheet repair, institution-building - at both national and supranational level - and structural reforms are all supporting the recovery."

That said, it is not yet time to declare victory and "bask in the warmth of the recovery", Praet cautioned.

More needs to be done to lift growth on a sustained basis and to reduce the euro area's vulnerability to shocks, he said.

"Looking ahead, well-crafted reforms that combine growth with equity and take account of the macroeconomic backdrop will be pivotal, both at national and European level," the policymaker added.

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