Draghi's growth call was echoed by a top U.S. Federal Reserve official at the conference. Fed Vice Chair Stanley Fischer said the euro's crisis has led to new institutions such as EU-level banking supervision and procedures to wind up bad banks to spare taxpayers the costs of bailouts.
Fischer said the euro appeared to have weathered the current crisis but warned that "in the longer run," the monetary union "will not survive unless it also brings prosperity to its members."
U.S. officials have pressed Europe to tackle its growth problem. The eurozone remains a key market for many U.S. firms and its health is an important factor for the global economy.
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The eurozone has struggled with a crisis over too much government and bank debt since Greece reported its deficit was out of control in 2009. Greece, Portugal, Ireland, and Cyprus have been bailed out by other members, and Spain got a bailout for its banks. European governments are facing lower than desired growth and high unemployment as they restrain spending to try to reduce debt. Governments such as those in France and Italy are struggling to make their economies more business-friendly.
Fischer said that recent measures taken to strengthen the 16-year-old euro — such as EU level supervision carried out by the ECB — would probably not have been agreed on by political leaders without the euro crisis.
But he said that the union faced further challenges, such as the lack of a common budget. Leaving budget decisions to individual governments risks overspending by some. It also deprives the union of a common fiscal pot to even out recessions in individual countries.
"The decision to use the single currency to drive the European project forward was a risky one, and at some stage or probably in several stages, it will be necessary to put the missing fiscal framework into place," Fischer said.