The eurozone’s economy needs a comprehensive strategy including reforms to get it back on track, the president of the European Central Bank said yesterday, adding that the task could not be left to monetary policy alone.

“Now is certainly not the right moment for complacency, neither in the area of fiscal policies nor with regard to structural reforms,” he said in a summary of his remarks delivered to the Finnish parliament released by the Bank of Finland.

“It should be clear that monetary policy alone cannot do all the ‘heavy lifting’. All policy actors – both at the national and the European level – need to do their part.”

“This should be embedded in a comprehensive strategy that puts the euro area economy back on track,” he said, reiterating the commitment by the ECB’s governing council to take additional steps to combat low price inflation.