ECB's Draghi: The recovery in the euro area is resilient

Key highlights from ECB President Mario Draghi's speech, given in response to receiving an honorary doctorate from the University of Tel Aviv:

  • The recovery in the euro area is resilient and is increasingly broad-based across countries and sectors
  • Domestic demand, supported by the ECB’s monetary policy, is the mainstay of that recovery
  • Five million more people are employed now than were in 2013, and unemployment though still too high is at an eight-year low
  • The institutional architecture of the Economic and Monetary Union remains incomplete in a number of aspects
  • The crisis has exposed structural weaknesses in our construction and has forced us to address them.
  • The repair has started with the creation of the banking union.