Subtext of Draghi's statement is a message to govts: "It's your turn"

Draghi's focus on structural reforms boosts euro

Draghi is making a big point to dwell on structural reforms, rather than that talking about what the ECB can do. He's basically sitting up there and telling governments what to do.

The market is interpreting it as Draghi saying "I'm not going to do more until you do"