Jean-Claude Trichet, the president of the European Central Bank (ECB), on Thursday urged governments to take convincing strides to cut bloated deficits.
"In view of the rapidly increasing public expenditure ratios, as well as projected further expenditure pressures owing to higher interest burdens and ageing-related costs, countries' structural measures should focus on the expenditure side," Trichet said following the meeting of the ECB's Governing Council. As expected, the council opted to keep
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