Structural problems must be confronted says Rubin

SINGAPORE - Two of the world's major economies, Japan and the European Union (EU), need vital structural reforms if they are to achieve sustainable growth, former US treasury secretary Robert Rubin said on Thursday.

"In Europe and Japan... little if any progress has been made in recent years on the structural reforms absolutely requisite for strong growth on a sustained basis," he said.

Japan was unlikely to play a significant role in supporting the health of the global economy in the near-term

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