April 24, 2014 / 6:32 PM / 6 years ago

'We don't have a magic wand', says ECB's Constancio

European Central Bank (ECB) Vice President Vitor Constancio looks on during the monthly ECB news conference in Frankfurt July 4, 2013. REUTERS/Ralph Orlowski

MADRID (Reuters) - Societies expect too much of central banks and they don’t have a magic wand to boost economic growth, European Central Bank Vice President Vitor Constancio said on Thursday.

The ECB has faced pressure from France this month to weaken the euro to help breathe life into the euro zone economy.

But Constancio said policy measures beyond the realm of monetary policy were needed to tackle growth and deal with the demographic challenges facing economies.

“Nowadays, our societies expect too much of central banks. They cannot do everything,” he said during a question and answer session after giving a speech in Madrid.

“We don’t have a magic wand to cure these problems, otherwise all countries would be rich because monetary policy would cure everything.”

Reporting by Paul Day; Writing by Paul Carrel

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