“Recovery has lost its ‘momentum’, as some countries are still resisting on implementing reforms”, writes ABC in the wake of Mario Draghi’s speech on a meeting with the European Parliament’s Economic and monetary affairs committee, on 22 September.

The European Central Bank’s president also said that if ECB is ready to use other non conventional tools, “without [structural] reforms, the fiscal and monetary stimulus measures will not work”.


Even if he did not mention it directly, everyone understood he was talking about France and Italy. In those countries reforms are still not implemented and both are back in the red.