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Accommodative monetary policy opens window of opportunity to take structural reforms, European Central Bank President Mario Draghi said Wednesday.
He observed that crisis confirmed that more flexible economies are more resilient, especially for countries that are part of a monetary union.
Lessons about how to design and implement reforms so as to maximize their benefits and minimize their short-term costs should be put into practice, Draghi said at a conference in Frankfurt.
The crisis taught that the benefits of reforms in terms of growth was not enough to make them widely acceptable to the public. "We also need to take into account the inclusiveness of economic policies," said Draghi.
