European Central Bank (ECB) President Mario Draghi underlined on Monday that the restructuring of the Greek debt is neither necessary nor useful.

Addressing a meeting of the European Parliament Committee on Economic and Monetary Affairs on the eurozone monetary policy, Mr. Draghi said that Greece should focus on reforms in order to increase its competitiveness.

The ECB President also noted that reforms in Greece have started to bear fruit, a fact which is verified by the economic data released for the third quarter of 2014. He also said that Greece is now on the right track and able to meet its future goals.