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"Monetary policy cannot support growth in a long-lasting way. Only an adequate mix of reforms and investment can do it. And it is a matter of urgency," Coeure said in an interview.
"The ECB is committed to taking additional measures if we face the prospect of inflation being too low for too long."
The ECB kept the door open for more action after its November policy meeting, saying it had tasked staff to prepare further measures, should it become clear that its current tools were not enough or if inflation expectation deteriorated.