Governments in the euro zone must undertake more reforms in order to ensure a genuine economic union, European Central Bank President Mario Draghi wrote in an article, set to be published on Monday by WirtschaftsWoche magazine.

Following the announcement of ECB’s bond-buying program, which will inject liquidity into the weak euro-zone economy, Draghi underlined in his article that structural reforms are needed to raise competition, limit bureaucracy and improve labor market flexibility.

“By asking governments in the economic union to undertake structural reforms, the idea that that they can actually overcome their debts through growth becomes more credible,” Draghi wrote.

It is reminded that ECB’s new quantitative easing program is expected to release 60 billion euros a month into the euro zone’s economy.