ECB's Bini Smaghi: Europe must liberalise
Lorenzo Bini Smaghi, a member of the European Central Bank's executive board, has claimed that rigid European labour and product markets hamper the ability of economic policies to foster growth.
Speaking in Brussels, Bini Smaghi said that monetary policy in particular was constrained by the rigidities in the labour markets that risked creating a wage-price spiral.
He noted that Europe needed more flexible labour markets as it was essential that human capital could adjust to labour market needs
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