Draghi highlights win-win productivity gains in Berlin speech
Competitiveness imbalances emerged in the eurozone over the last decade due to a lack of focus on unit labour costs, ECB president Mario Draghi said today in Berlin, adding this was based on the false presumption that current accounts do not matter in a single currency area.
Draghi said fiscal consolidation by member governments and actions by the ECB, such as the announcement of Outright Monetary Transactions (OMT), had helped stabilise the eurozone and that strengthening the common currency
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