File - European Central Bank (ECB) President Mario Draghi speaks during a news conference following the ECB Governing Council meeting in Brussels May 8, 2014. REUTERS/Francois Lenoir
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Pressing for closer integration, Draghi urged eurozone states to align their approach to structural reforms – efforts to shape up economies by, for example, liberalizing labor markets – using the template of the common fiscal rules.Draghi said such reforms were fundamental to reaping the benefits of the ECB's recent monetary policy decisions to expand bank credit.The experience of the International Monetary Fund had shown that, with discipline imposed by supranational bodies, "the debate can be framed not in terms of whether, but in terms of how reform needs to take place".European governments are not powerful enough individually to be able to fully exercise their sovereignty alone, Draghi said.
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