Jun 28, 5:48 AM EDT

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


Multimedia
A district summary of the Beige Book
Measuring economic stress by county nationwide
Mall malaise: shoppers browse, but don't buy
Unemployment by the numbers
Family struggles with father's unemployment
Saying an affordable goodbye
Hard times hit small car dealer
Latest Economic News
A closely watched survey shows German consumer confidence has increased again, but its authors cautioned the British vote to leave the European Union could bring it down in coming months

US economic growth revised up to 1.1 percent rate in first quarter, helped by exports

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

Spain's central bank estimates the economy grew by 0.7 percent in the second quarter, down from 0.8 percent in the previous three-month period

South Korea's government lowered growth outlook for Asia's fourth-largest economy and planned a supplementary budget for a second year in a row as the global economy faces heightened uncertainty

Clinton and Trump have sketched out dueling economic visions that underscore their clashing ideas for energizing growth and hiring

Why Brexit endangers the global alliances that helped the West prosper in decades after WWII

The British were warned for weeks that voting to leave the European Union would result in economic pain _ now they'll find out whether it will

The United Kingdom's vote to leave the EU was driven by much of the same sentiment that's fueled Donald Trump's march toward the Republican presidential nod: a rejection of economic globalization and the elites who favor it by those who feel left behind

Crisis or speed bump? What the UK vote means for various economic sectors

Interactives
Greece's Debt Threatens to Spread
State budget
gaps map
Auto industry problems trickle down, punish Tennessee county
Women give old Derby hats a makeover in tough economy
S.C. town deals with highest unemployment in South
How mortgages were bundled and sold as securities
Tracking the $700 billion financial bailout
Tracking the year's job losses
State-by-state foreclosures since 2007
Credit crisis explained
Presidents and their economic legacies
Lexicon of the financial crisis
Americans' addiction to debt

SINTRA, Portugal (AP) -- 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.

Central banks, including the ECB, Bank of England, Bank of Japan, and the U.S. Federal Reserve have carried out massive stimulus efforts involving very low or negative interest rates and printing money to increase credit and growth. Central bankers have complained that governments have left too much of the burden to them.

Draghi said that the outcome of the Group of 20 nations' previous commitment to raise growth by 2 percent through reforms had been "a disappointment." In 2014, the G-20, representing most of the world's economy, agreed on paper to raise growth through structural reforms, a broad term that can include many ways of improving the environment for businesses. They can include cutting red tape, reducing bureaucratic delays and approvals, and easing regulations and making hiring and firing easier.

Draghi said that divergence among the monetary policies of central banks - with, for example, the Fed looking to raise interest rates while the ECB is pumping more stimulus - risks creating uncertainty and volatility in currency markets. He called for "enhanced understanding among central banks on the relative paths of monetary policy."

© 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.