The euro zone economic recovery is fragile and there are no medium term inflation risks, European Central Bank Governing Council Member Mario Draghi said on Saturday.

In a keynote speech to market operators in Naples, Draghi said in the next few months inflation in the 16-nation bloc would rise only marginally from January's level of 1.0 percent, and no medium term risk of inflation has emerged.

The benign price outlook, however, is accompanied by a faltering economic recovery.

The return to growth is fragile, particularly in the euro area, said Draghi, who is also governor of the Bank of Italy and President of the Financial Stability Board.

Draghi said investors will buy new securities issued by Greece, whose debt crisis has roiled markets in recent weeks, so long as the government adjusts its budget with determination, with careful monitoring by the European Commission and the ECB.

The euro is solid, Draghi said, but he issued a call for the European Union to extend and reform its economic structures with the same vigor that it devoted in the past to consolidating government budgets.

(Reporting by Gavin Jones)

European central bank