November 30, 2017 / 10:18 AM / a year ago

ECB no longer alone in supporting euro zone economy: Praet

European Central Bank Executive Board Member, Peter Praet, speaks during a conference in Sofia, Bulgaria, May 24, 2017. REUTERS/Stoyan Nenov

FRANKFURT (Reuters) - The European Central Bank’s aggressive monetary stimulus is no longer “the only game in town” as economic reforms and healthier companies also help support the euro zone’s economic expansion, the ECB’s chief economist said on Thursday.

“While monetary policy still plays an important role in sustaining the recovery, it is not ‘the only game in town’,” Peter Praet told an event in Brussels.

“Years of balance sheet repair, institution-building – at both national and supranational level – and structural reforms are all supporting the recovery.

But Praet cautioned more needed to be done.

“Well-crafted reforms that combine growth with equity and take account of the macroeconomic backdrop will be pivotal,” he said.

Reporting By Francesco Canepa; Editing by Balazs Koranyi

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