Italian Prime Minister Matteo Renzi said on Wednesday that the European Central Bank (ECB) could help Europe indicate its new economic direction.

In an address to the World Economic Forum annual meeting, Renzi admitted that it is important to pay attention to structural reforms and stressed the need to invest in growth.

"For this reason, I think the (European) Commission and the discussion in the next days of the ECB could help Europe give a message regarding its economic direction," he said.

Renzi said he wanted his children to look at Italy as an innovation lab instead of a museum. "And for that, we need a different idea of Europe, and a different idea for Italy after structural reforms," he added.

The ECB will hold its first governing council meeting on Thursday. It is widely expected that it will announce a quantitative easing program to fight the threat of deflation.

ECB president Mario Draghi has repeatedly stressed the need for European governments to continue their structural reform. Endit

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