Draghi: Euro zone recovery still 'in infancy'

Sep 16, 2013, 6:24 AM EDT

FRANKFURT, Germany (AP) — The head of the European Central Bank says the euro zone's economic recovery "is only in its infancy" and that governments must take steps to improve growth.

Mario Draghi said in the text of a speech Monday in Berlin that "the economy remains fragile" and "unemployment is still far too high."

The economy in the 17 European Union countries that use the euro grew a modest 0.3 percent in the second quarter after six quarters of falling output

Unemployment remains at 12.1 percent and businesses are holding back on borrowing — a sign of caution about the future.

Draghi repeated the bank's stance that it will keep its benchmark interest rates at record low levels or lower "for an extended period of time." Low borrowing costs help support growth.

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