Mario Draghi has major concerns about eurozone economies

Unemployment within the currency union remains stubbornly high with some countries reporting almost one-in-three people out of work.

Mr Draghi also said that the ECB would monitor all indicators and officials “stand ready to act if needed.”

He did not specify what action might be taken but the remark appeared to leave open the possibility the ECB could cut rates even further. Paul Tucker, Deputy Governor of the Bank of England recently discussed the possibility of negative interest rates in the UK. Whether of not central banks will take such drastic action is unclear but they are increasingly voicing concern that their monetary policies are having very little impact on many domestic economies.

Mr. Draghi pointed out the risks to the recovery if governments did not move to reform their economies and become more business-friendly.