Draghi calls for stimulus and says joint effort needed to avoid 'recession'

Mario Draghi, the European Central Bank's (ECB) president has warned leaders from the European Union that a "joint effort" is required to avoid a "relapse into recession."

The Eurozone countries with fiscal space should consider stimulating demand to revive their economies, a spokesman for Draghi said on Friday.

The ECB spokesman added that the bank has previously revealed it would prepared to adopt unconventional measures if necessary and Draghi would be concerned if continued low inflation led to knock-on effects in wage and price setting.