Bank of France governor Christian Noyer said it is not the level of European Central Bank interest rates which is hampering euro zone growth, but rather a lack of structural reform. "It is not monetary policy that is the problem. It is not in that area that we should dream that, by using some magic wand, we can have more growth," he said on BFM radio. "The real problem is how to carry out the reforms that are indispensable in the labour market and in the structure of our economy," he said. Noyer said he was heartened that Finance Minister Thierry Breton shared his analysis. He said he also welcomed Breton's commitment to reduce France's budget deficit with the aim of getting the country's debt under control.