The European Central Bank, President Mario Draghi called on European nation to start implementing the decisions and plans approved by European leaders in the past months in order to tackle the two-year old debt crisis once and for all.

Draghi said in a speech to bankers and governments where is the implementation of these long-standing decisions? We should not be waiting any longer.

Draghi wondered: what are the reasons behind this delay! Where he explained that European leaders were able to find common grounds and agreed on the expanded powers of the European Financial Stability Facility (EFSF), which is also known as the European rescue fund.

The Fresh President underlined the Bank's bearish outlook for the global economy and for growth in the euro zone, and demanded European nations for a stronger governance.

Activity is expected to weaken in most of the advanced economies. In the euro area, downside risks to the economic outlook have increased. Draghi said.