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Mr Draghi also discusses why designing and implementing the necessary reforms to Economic and Monetary Union (EMU) would support the ECB’s monetary policy – and thus the euro area economy at large.
He concludes that the coming days, weeks and months until the end of this legislature will be decisive in making concrete steps on EMU reform.
ECB has repeatedly played a crucial and constructive role in ensuring that such discussions focus on a truly European dimension and on building effective common institutions.
He said: „We know that such a shift from coordination to common decision-making, from shared rules to institutions, is necessary but it requires time.
“This should not be an excuse for inaction. Many of the basic steps for this to happen need to be taken now, namely designing an ambitious reform plan and building trust among all parties.“