ECB's Draghi not so sure good times ahead without reforms

Thus, following Wednesday’s surprisingly dovish set of Fed minutes, which emphasised the risks from weak growth in the Eurozone, on Thursday European Central Bank president Mario Draghi was to be heard delivering a speech at the Brookings Institution in Washington D.C..

Coincidence or not – probably not – Draghi began his speech by taking aim at perhaps the most famous of all Keynesians, John Maynard Keynes. He criticised the advice given by Keynes to then US president Franklin Delano Roosevelt on the relative merits of economic reforms and stimulus.

Without reforms “I am not so sure that good times lie ahead [in the Eurozone],” Draghi said.