European Central Bank Chief Says Monetary Policy Must Stay ‘Very Patient’<br />The importance of trade “may actually be growing” because developed nations must rely on innovation as a source<br />of growth, Mr. Draghi said, particularly given the burdens of aging work forces and high levels of public debt.<br />— Mario Draghi, the president of the European Central Bank, said Friday<br />that monetary policy must remain “very patient” even as an economic recovery finally takes hold in Europe.<br />“People are concerned about whether openness is fair, whether it is safe and whether it is equitable.”<br />An economic expansion has taken hold across the developed world, but the pace of growth remains slow by historical standards.<br />Mr. Draghi spoke at an annual conference sponsored by the Federal Reserve Bank of Kansas City, at which the morning sessions were substantially devoted to research showing<br />that trade has important negative consequences that policy makers have failed to address.<br />Mr. Draghi noted that potential growth in the developed world has slowed to 1 percent from an average of 2 percent in 2000