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Mario Draghi

European Central Bank's Draghi says stimulus still needed

European Central Bank head Mario Draghi insisted Thursday that the bank's massive stimulus efforts are still needed even though the 19-country eurozone's economy is strengthening.

"The recovery is progressing and now may be gaining momentum," Draghi said in a speech at a conference at Frankfurt's Goethe University.

He cautioned, however, that much of the improvement depended on the ECB's monetary stimulus efforts and that it was "too soon to declare success."

Draghi's stance on keeping stimulus in place contrasts with that of the U.S. Federal Reserve, which has already started withdrawing monetary stimulus by raising benchmark interest rates off...