FRANKFURT, Nov 30 (Reuters) - The European Central Bank's ultra-loose monetary policy is creating room for governments to carry out economic reforms but is no substitute for them, ECB President Mario Draghi said on Wednesday.
"We are lowering the risk that the current low rates of growth become entrenched, but we alone cannot eliminate that risk," Draghi said at an event in Spain.
Responding to criticism that low rates ease pressure on governments to act, Draghi added: "Monetary policy is providing support and space for governments to carry out necessary structural reforms.
"It is up to euro area governments to act, individually at national level as well as jointly at European level." (Reporting By Francesco Canepa; Editing by Balazs Koranyi)