ECB's Benoit Cœuré calls for sweeping structural reform of eurozone economies


Benoit Cœuré, a member of the European Central Bank's (ECB) executive board, yesterday (January 21) gave a speech in Brussels describing the European financial crisis in part as a crisis of the institutional architecture of the European Monetary Union (Emu).

Speaking at the Asia-Europe Economic Forum, Cœuré said he saw three dimensions to the crisis. Along with "a classic debt deleveraging cycle", which he said is only a symptom of the underlying problem, Cœuré said a second dimension is a

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