European Central Bank says recovery under way, is opportunity to fix euro's troubles

MarketsAssociated Press

European Central Bank head Mario Draghi says "a sustained recovery is taking hold" in Europe — a recovery he says must be used to complete the 19-country euro currency union and fix its problems for good.

Draghi said Monday that member countries should use the breathing space given them by the central bank's stimulus efforts to pass tough structural reforms that would make their economies more business-friendly so they can grow and prosper.

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Eurozone countries must "stand on their own two feet" because the eurozone doesn't provide for budget transfers from richer countries — the way U.S. states that suffer recessions can depend on tax transfers through the federal government.