ECB's Draghi: Implementation of structural reforms needs to be substantially stepped up

ECB's President Mario Draghi is hitting the wires last minutes, via Reuters, stating during a testimony at the European Parliament that implementation of structural reforms needs to be substantially stepped up.

Key headlines:

• Says committed to preserving the very substantial degree of monetary accommodation necessary to secure a sustained convergence of inflation towards levels below, but close to, 2% over the medium term
• Fiscal policies should also support the economic recovery, while remaining in compliance with the fiscal rules of the European Union