Monetary policy is no panacea: ECB's Papademos

European Central Bank Vice President Lucas Papademos said on Thursday 29 April that European Union governments cannot rely on monetary policy to cure structural economic problems.

"The fact governments face difficulties in implementing the necessary structural reforms ... does not logically imply monetary policy can fill such big a gap," Papademos said in response to audience questions after delivering a speech to the John F. Kennedy School of Government at Harvard University.

"My concern

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