AIX-EN-PROVENCE: The European Central Bank will keep interest rates very low for a very long period of time to ensure monetary stability but governments must also work to boost growth, ECB executive board member Benoit Coeure said.
Speaking at an economic conference on Sunday, Coeure said governments must do their part by cutting debt and boosting investments. "The only way out is by investing," he said, adding that the current economic situation was very worrying.
He urged euro zone countries to make sure that flexibility in the bloc's stability pact is used wisely and based on reforms that have been "proven", not on mere pledges.
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