Thursday, May 31, 2012

Eurozone setup unsustainable, says Draghi

Mario Draghi with Olli Rehn

European Central Bank (ECB) president Mario Draghi says that eurozone leaders must decide what they want the bloc to look like in the future because the current setup is "unsustainable".

He said that the ECB could not "fill the vacuum" left by governments on creating growth or structural reforms.

EU economics commissioner Olli Rehn said more austerity was needed if the eurozone was to avoid disintegration.

The comments came on the day of a series of economic data.

Germany's unemployment rate fell below 7% as Europe's biggest economy continued to perform strongly.

The jobless rate dropped to 6.7% in May, from 7% in April, as the number of people unemployed fell by 108,000 to 2.86 million.

Eurozone inflation figures are due out later.



Source & Image : BBC

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