BRUSSELS (MNI) - Signs are pointing to an improvement in financial stability in the Eurozone and a pick-up in confidence, but the overall situation "remains fragile", European Central Bank President Mario Draghi said Monday.
"We have to see [economic] growth," Draghi said at his quarterly hearing before European Parliament. "We have to see credit flows picking up" and spilling over into the real economy.
Draghi reiterated that risks to the Eurozone's growth outlook were still on the downside, with unemployment high and credit demand low.
The ECB president also stressed that market fragmentation remained "one of the major obstacles" of economic growth. "We have to continue working" to address this, he said.
--MNI Frankfurt Bureau