Benoit Coeure said the European Central Bank will review and possibly reconsider its stimulus program at its next policy meeting on March 10, though it can’t safeguard the euro area’s recovery alone. “We have always made it clear that we are ready and able to play our part,” the ECB Executive Board member said at a conference in Budapest on Monday. “But for the recovery to become structural—and thus to increase growth potential and reduce structural unemployment—monetary policy does not suffice.” Despite an unprecedented level of monetary stimulus, the ECB is struggling to revive inflation as oil prices slump, and policy makers have expressed concern over insufficient economic reforms by governments. President Mario Draghi may address those concerns again when he speaks to the European Parliament in Strasbourg later on Monday. Factories in the euro area slashed prices of goods by the most in a year in January, a purchasing managers’ survey by Markit Economics showed. That underscores the risk that weak consumer-price pressures are becoming ingrained. While inflation in the 19-nation currency bloc accelerated to 0.4 percent in January, the ECB has warned that the rate may drop below zero again in coming months. Political Convergence Coeure called for a renewed political commitment to strengthen the institutional setup of the economic and monetary union and make it more resilient toward crises. “We should be under no illusions: if downside risks to the recovery were to materialize, this would not make it easier to respond to the refugee crisis or to counter terrorism,” he said. “Our goal should be to design a political strategy to broaden the scope of integration so as to make EMU truly sustainable. To achieve this, we will need new political convergence to accompany new economic convergence.”