Lower taxes needed for growth, says ECB President Draghi
The head of the European Central Bank, Mario Draghi stressed 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. Draghi pointed out the role the ECB played in aiding the recovery by implementing quantitative easing in the real economy. He 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 added that the economic recovery was largely due to fiscal policies adopted.
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