European Central Bank President Mario Draghi says governments must do more to make their economies more competitive and create more jobs as Europe's aging population weighs on labor markets.

Draghi warned in a speech Thursday that "the cost of delay is simply too high."

He told finance and banking experts at the Brussels Economic Forum that structural reforms can boost growth by lowering unemployment, and called for a particular focus on the long-term jobless.

Draghi pointed to reforms in Portugal that reduced unemployment by about 3 percentage points from 2011 to 2014.

He underlined that it is important not just to get people into jobs but to increase the size of the workforce, amid forecasts that Europe's working age population will start to decline in the next decade.