Draghi warns eurozone at critical phase

(ANSA) - Brussels, October 24 - The eurozone is "in a critical phase" with an economy that has lost momentum, where investment is weak, inflation at record-low levels, and too many government commitments not acted on, European Central Bank (ECB) President Mario Draghi said Friday. That has put the region's credibility at risk, he said.
    Eurozone countries must work together again to stave off recession, just as collective action helped to save the euro during the crisis of 2011-2012, added Draghi.
    It isn't enough to simply hope that the eurozone will regain its strength, he said.
    "Hope is not a strategy".
    Draghi met with eurozone leaders at a summit where he urged them to develop "an urgent strategy" with credible commitments to reforms and suggested they set a timetable for implementation by their next meeting in December. "In 2011-12, we avoided the collapse of the euro with a common effort, we now have to do it again to avoid falling back into recession," Draghi said.
    According to the text of his slide presentation to eurozone leaders, Draghi argued that countries sharing the common currency need a "coherent strategy for a sustainable recovery and further steps towards a sharing of sovereignty in economic governance".
    After his lunch presentation, German Chancellor Angela Merkel said that she "appreciates very much the work of Mario Draghi," adding that he "does a great job for the eurozone".
    Merkel said she also appreciated "the independence of the ECB".