Financial reform must return the emphasis on service to the real economy, said Jean-Claude Trichet, the president of the European Central Bank (ECB), in a speech to an industry group in Spain last week.

He pointed out that the pre-crisis growth pattern in Spain was unsustainable, citing the housing boom and its knock-on effects on aggregate demand and wage levels. "There is a need for moderation in wage claims to regain competitiveness. This window of opportunity cannot be missed in those