European Central Bank (BCE) President Mario Draghi arrives for the European Union summit in Brussels on March 17, 2016, where 28 EU leaders will discuss the ongoing refugee crisis. AFP PHOTO / THIERRY CHARLIER
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European Central Bank President Mario Draghi pushed EU leaders for clarity on the future of the euro Thursday.During a closed-door session in Brussels, Draghi told EU leaders that the most important thing they could do would be to set out a clear path forward for the monetary union, according to two officials familiar with deliberations.Earlier in the week, Merkel said the ECB actions shouldn't be allowed to mask the need for countries to take their own actions.At Thursday's summit, Draghi said the ECB has "no alternative" to its recent rate cuts and monetary policy actions, and he encouraged them to support the central bank by reassuring savers, insurers and bankers about potential market distortions or risks to financial stability from the latest stimulus efforts.Draghi also told the leaders on Thursday that there are limits to what monetary policy can accomplish on its own, and he urged them to make the most of fiscal space and structural reforms that can boost employment, the officials said. Draghi said savers should be reminded to focus on real interest rates, not nominal rate levels, and that banks and insurers should adjust their business models to monetary policy as needed.
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