ROME--German Chancellor Angela Merkel and Italian Prime Minister Matteo Renzi agreed on Friday that both Europe and Italy need to push forward with the needed structural overhaul after the much awaited move announced Thursday by the European Central Bank to help boost Europe's struggling economy.

In a joint news conference in Florence, following a bilateral meeting, the two leaders said the ECB moves are important to try to jumpstart the European recovery, but they shouldn't slow down the reforming efforts in Italy and the other European partners.

The ECB Thursday said it plans to purchase over 1 trillion euros ($1.157 trillion) of public- and private-sector bonds by the fall of 2016, a landmark decision aimed at combating stagnation and ultralow inflation in a region that has emerged as a top risk to the global economic recovery.

Ms. Merkel dubbed the ECB's decisions "important", adding that they will help propel the recovery of a struggling European economy. But, she added, Italy has to keep moving forward with its "ambitious" plan of structural reforms.

"I already see the first signs of the effects of these reforms in Italy," she said. "But they need to be completed."

Mr. Renzi agreed on the fact that the ECB moves are "good, but not decisive," adding that they should instead accelerate the key reforming process he has started in Italy.

Both leaders said they aren't worried by the possible outcome of the upcoming Greek elections, reiterating the need to start a dialogue with the country's new leaders.

Write to Giada Zampano at giada.zampano@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires