Jun 28, 5:48 AM EDT

Draghi seeks 'shared diagnosis' of what ails global economy


Multimedia
A district summary of the Beige Book
Measuring economic stress by county nationwide
Mall malaise: shoppers browse, but don't buy
Unemployment by the numbers
Family struggles with father's unemployment
Saying an affordable goodbye
Hard times hit small car dealer
Latest Economic News
German consumer confidence rises but clouds on horizon

US economy grew at slightly faster 1.1 percent in Q1

Draghi seeks 'shared diagnosis' of what ails global economy

Spain's economy grew estimated 0.7 pct in second quarter

South Korea cuts outlook, plans stimulus package

How Clinton's and Trump's economic prescriptions clash

Why Brexit endangers global unions that helped West prosper

British bracing for world economy to punish UK for 'Brexit'

Behind the support for Brexit and Trump: Economic resentment

Crisis or speed bump? What UK vote means for economy sectors

Interactives
Greece's Debt Threatens to Spread
State budget
gaps map
Auto industry problems trickle down, punish Tennessee county
Women give old Derby hats a makeover in tough economy
S.C. town deals with highest unemployment in South
How mortgages were bundled and sold as securities
Tracking the $700 billion financial bailout
Tracking the year's job losses
State-by-state foreclosures since 2007
Credit crisis explained
Presidents and their economic legacies
Lexicon of the financial crisis
Americans' addiction to debt

SINTRA, Portugal (AP) -- European Central Bank President Mario Draghi is calling for world leaders to agree on what ails the global economy and take more concrete action to promote growth and jobs.

Draghi said in a speech Tuesday at an ECB conference that the current slow-growth world of high savings, low investment, and weaker productivity could be tackled with pro-growth policies such as more public spending.

He said the key is a "shared diagnosis" and "alignment" rather than formal coordination.

Countries might take different actions but "the sign of the effect on global growth needs to be positive," he said.

Central banks, including the ECB, Bank of England, Bank of Japan, and the U.S. Federal Reserve have carried out massive stimulus efforts involving very low or negative interest rates and printing money to increase credit and growth. Central bankers have complained that governments have left too much of the burden to them.

Draghi said that the outcome of the Group of 20 nations' previous commitment to raise growth by 2 percent through reforms had been "a disappointment." In 2014, the G-20, representing most of the world's economy, agreed on paper to raise growth through structural reforms, a broad term that can include many ways of improving the environment for businesses. They can include cutting red tape, reducing bureaucratic delays and approvals, and easing regulations and making hiring and firing easier.

Draghi said that divergence among the monetary policies of central banks - with, for example, the Fed looking to raise interest rates while the ECB is pumping more stimulus - risks creating uncertainty and volatility in currency markets. He called for "enhanced understanding among central banks on the relative paths of monetary policy."

© 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.

Visit zip2save.com for all your favorite circulars & coupons!

Top Ads


Site Services
Subscribe
E-edition
Place an Ad
Contact Us
Market Place
Classifieds
Jobs
Cars
Real Estate
Deals
Coupons
Sports
Pro Sports
College
High School
Local
Lifestyle
Home and Garden
Food
Living Well
Film
Music
Parents and Kids