Draghi says ECB has done its part against crisis

European Central Bank head Mario Draghi told French lawmakers on Wednesday the ECB had done all it could to save the eurozone from its problems and that now it was up to governments to do the rest.

"The ECB has done as much as it can to stabilise markets and support the economy," Draghi told members of the French parliament's finance and foreign affairs commissions.

"Now governments and parliaments need to do all they can to raise growth potential, strengthen competitiveness and build a stronger, more stable European Monetary Union," he said.

French politicians of all political stripes have been very critical of ECB policy, which they see as too focused on monetary restraint espoused by Germany to the detriment of growth and fighting unemployment.

The statutes ruling the ECB, inspired by the German Bundesbank, strictly limit the purview of policy to price stability and averting inflation, unlike more expansionist policy allowed in the US, Britain and now Japan.

Draghi told lawmakers that price stability supported growth, and that the mandate, no matter the criticism, was fixed by EU treaties and that any changes to it would have to be taken up by leaders and European parliaments.