ECB’s Mersch Chides Countries for Insufficient Reform Progress

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Euro-area countries haven’t been zealous enough in implementing structural reforms in recent years, European Central Bank Executive Board Member Yves Mersch said.

“Reform efforts were not in line with reform needs,” he said in a speech delivered in Cernobbio, Italy on Saturday. “Only a few countries have engaged in more far-reaching structural reforms, most notably Greece and France. Some countries even reversed recent reforms that had been designed to improve the smooth functioning of the economy, most notably in the areas of labor markets and pension systems.”

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