Ahead of Osborne's spending review, ECB's Draghi says monetary policy alone can not create growth

European Central Bank (ECB) president Mario Draghi has said that the controversial Outright Monetary Transactions (OMT) measure has been successful in restoring market functioning and that the ECB stands ready to act again if needed.

Calls for providing support to small businesses will continue not be met, as Draghi said that the ECB can not provide capital to small companies.

Ahead of chancellor George Osborne's spending review today, Draghi said that monetary policy alone can not create growth. Osborne has advocated for a package of fiscal consolidation and monetary activism.