ECB leaves key rate at record low of 0.75 percent

FRANKFURT, Germany (AP) — European Central Bank head Mario Draghi is urging the region's governments to build on progress cutting deficits with further reforms to improve job creation and economic growth.

Draghi said it was "of particular importance" to combat high rates of unemployment for young people — currently over 50 percent in Spain and Greece.

He praised progress in reducing government deficits to an average 3.5 percent of gross domestic product.

But he highlighted the need to "build on this progress" by passing pro-growth regulations "to create new job opportunities."

He spoke at a news conference Thursday after the bank left its key rate unchanged at a record low of 0.75 percent, holding off on stimulus even though the economy of the 17 European Union countries that use the euro is in recession.