By Todd Buell and William Wilkes

European Central Bank President Mario Draghi renewed his call for eurozone politicians to make economic reforms to improve growth, boosting the effectiveness of stimulative monetary policy.

Mr. Draghi told a European Parliament committee in Brussels that in 2016, "the euro area economy proved to be resilient, in spite of uncertainty stemming from the economic and political environment."

"Inflation has gradually edged up and the ECB's monetary stimulus has been a key ingredient of the ongoing recovery," he said.

Mr. Draghi offered little insight into what the bank would do at its Dec. 8 meeting, when many analysts expect it to extend its bond-purchase program. He said the ECB would assess ways to continue the "very substantial degree" of stimulus needed to return inflation to the central bank's medium-term target of close to 2%. The most recent data showed inflation at 0.5% in the 19-country currency bloc.

If governments took decisive action, "monetary policy measures in the euro area could be even more effective," Mr. Dragi added.

"Low productivity growth, legacy problems in the banking sector and limited progress with structural reforms are all issues that need to be tackled swiftly," Mr. Draghi said.

He added that the economic recovery in the U.S. was at a "way more advanced stage" than in Europe, but that it was unclear what the policies of President-elect Donald Trump would mean for interest rates and financial regulation.

Write to Todd Buell at

(END) Dow Jones Newswires

November 28, 2016 11:02 ET (16:02 GMT)

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