The European Central Bank (ECB) President Mario Draghi said at the forum in Portugal on Friday that Eurozone's is brighter today than it has been for seven long years".

"Monetary policy is working its way through the economy. Growth is picking up. And inflation expectations have recovered from their trough," he noted.

But the ECB president warned that structural reforms are needed.

"Being in the early phases of a cyclical recovery is not a reason to postpone structural reforms; it is in fact an opportunity to accelerate them," Draghi said.