The European Central Bank President Mario Draghi said in a speech to a finance conference in Frankfurt on Monday that an economic recovery is taking hold in the Eurozone thanks in part to the central bank's quantitative easing. He urged governments to implement reforms that would improve the Eurozone's long-term growth prospects.
"Confidence among firms and consumers is rising. Growth forecasts have been revised upwards. And bank lending is improving on both the demand and supply sides," he added.
Mr Draghi noted that the Eurozone's economy benefited from lower oil prices and a revival in bank lending.