Draghi testified before European parliamentarians on Monday; recap article:
Mr. Draghi conceded that deficit reduction weighs on economic activity in the near term, and noted that conditions are “very serious and very painful” in parts of the 17-member euro zone. But he said these measures, as well as broader efforts by European countries to revive their economic prospects through labor market and other overhauls, are starting to bear fruit.
“There are signs of increased competitiveness. It is self-defeating not to admit that progress has been made,” he said.
Mr. Draghi’s comments suggest the ECB is unlikely to undertake new measures to stimulate economic growth.