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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Crimson Ghost who wrote (13342)10/12/2004 5:12:54 PM
From: mishedlo  Read Replies (1) of 116555
 
Trichet: Europe needs structural reforms
European countries need to cut welfare benefits and job protection measures if the European Union (news - web sites) is to compete with the United States in terms of productivity, European Central Bank president Jean-Claude Trichet said Tuesday.

In a speech reviewing the performance of the euro over the past five years, he said that the introduction of the single European currency had been a success, but its impact on economic growth in the region had been dampened by the lack of reform.

"The United States is doing much better since 1996" in terms of productivity growth, he said.

news.yahoo.com
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