ECB's Draghi says euro zone gradually recovering

Reuters

FRANKFURT (Reuters) - European Central Bank President Mario Draghi said on Tuesday the euro zone economy is recovering gradually, but that the interest rates households and firms have to pay across the 17-country bloc continue to vary greatly.

"In the euro area in recent years, economies and with them the people have suffered from the financial and debt crisis, from which we are gradually recovering," Draghi told Child and Youth Finance conference.

"While the overall economic situation slightly improved since the middle of last year, interest rates on loans continue to wary widely according to where the borrower is located."

Draghi also said he expected Europe's banking union, if properly implemented, to improve the situation across the currency bloc.

(Reporting by Sakari Suoninen; Editing by Paul Carrel)

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