Finland Times

        "If we fail to boost investments, we will weaken the economy in the short term and will jeopardize the long-term prospects," Draghi told the Eurofi financial forum held in Italy's Milan.

        "There will be no sustainable recovery until this situation does not change," the ECB head stressed.

        Draghi noted that the level of business investment in the eurozone has only slightly improved since the outbreak of the financial crisis in 2007, while in the United States it is above its pre-crisis level.

        "There is no monetary stimulus, and in fact no fiscal stimulus, which can be successful if not accompanied by the right structural policies, policies that promote potential growth and instill confidence," he went on saying.

        Draghi also added a decisive rise in investment would be fundamental "to bring inflation closer to where we would want to see it," or close but below 2 percent to "kick-start the economy and reduce unemployment."

        Forceful action to stimulate investment include the provision of state guarantees for small-business loans, a practice which is already used in the United States, and beefed-up public investment spending by governments that can afford it, he said.

        An informal Ecofin meeting of the European finance ministers will be held in the Italian business capital on Saturday, following the Eurogroup meeting and the meeting of European and Asian finance ministers on Friday.