ECB's Papademos on the EU's and China's challenges

Lucas Papademos, the vice president of the European Central Bank, has outlined the common challenges and domestic concerns faced by policymakers in China and the European Union.

"I think it is fair to say that we all have our homework to do - though the focus of these efforts naturally differs," Papademos said. "In Europe, it means focusing on labour and product market reforms, in order to enhance the growth potential of our economies; in China, it means, reforms in financial markets and the

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