SINTRA, Portugal – European Central Bank President Mario Draghi is calling for world leaders to agree on what ails the global economy and take more concrete action to promote growth and jobs.
Draghi said in a speech Tuesday at an ECB conference that the current slow-growth world of high savings, low investment, and weaker productivity could be tackled with pro-growth policies such as more public spending.
He said the key is a "shared diagnosis" and "alignment" rather than formal coordination. Countries might take different actions but "the sign of the effect on global growth needs to be positive."
He said that the outcome of the Group of 20 nations' previous commitment to raise growth by 2 percent through reforms had been "a disappointment."