News Summary: European governments prodded to act

News Summary: ECB head calls for governments to act to improve growth, reduce unemployment

Associated Press
News Summary: European governments prodded to act
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European Central Bank head Mario Draghi, left, speaks with foreign affairs commission president Elisabeth Guigou prior to the hearing at the French National Assembly in Paris, Wednesday June 26, 2013. Mario Draghi says the bank has "done as much as it can" to stabilize Europe's troubled economy and that now it's up to national governments to reform their economies. (AP Photo/Remy de la Mauviniere)

READY TO HELP: European Central Bank head Mario Draghi said Wednesday that the bank "stands ready to act" with measures to boost the struggling European economy which has declined for six straight quarters.

URGES GOVERNMENT ACTION: He told French lawmakers that national governments must take their own steps to promote growth by reforming their economies and make them more competitive.

THE STORY SO FAR: The ECB has cut its key interest rate to a record low of 0.5 percent, offered unlimited cheap loans to banks and outlined a plan to buy government bonds issued by indebted countries. Analysts say the bank could cut rates again.

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