European Central Bank (ECB) Executive Board Member Peter Praet said on Monday that more structural reforms needed to be implement in the Eurozone and the monetary policy should create the conditions for sustainable long-run growth.

"The main point I would like to make is as follows. For many euro area countries structural reforms are central to higher long-run growth. And that each economy achieves this is in turn critical to an efficient implementation of monetary policy and, over time, to the integrity of monetary union. But there is no "one size fits all" model for how countries should go about tackling structural challenges," he noted.

"Structural reforms can raise long-run growth in two ways: by raising the trend of long-term growth, and by reducing the fluctuations around that trend," Praet added.