Despite a series of reforms meant for healing the economy, Spanish people witness no positive changes. According to the ECB President, Mario Draghi, the reforms will surely stabilize the economic conditions in the country, but this process requires time.
At a closed-door Spanish Parliament session Mr Draghi had a meeting with Spanish Prime Minister Mariano Rajoy. The ECB President stressed that some countries might need to shift focus to industries in fostering economic growth and also restore competitiveness through boosting labour efficiency and cutting salaries.
He also said that the ECB allows European banks to borrow as many loans from the ECB as they need at official rates.
The ECB President voiced hope that the Eurozone countries will start recovering in the second half of 2013. He suggested that borrowers may see their ability to get credit improve toward the end of this year.
