“Draghi softens tone on austerity” says Financial Times, “Mario Draghi signals departure from austerity focus” reports the Wall Street Journal, “Draghi tells Eurozone: do more to boost economies” headlines The Guardian following the European Central Bank President’s speech at the prestigious Jackson Hole Economic Symposium.
While sticking to the usual call for “the necessary structural reforms in the euro area” – including at least emphasizing the need to improve skills through education and lifelong learning - Mario Draghi notably called for “more growth-friendly composition of fiscal policies”.
ETUC General Secretary Bernadette Ségol commented this morning that Draghi’s remarks were “encouraging” and that they “added impetus” to similar calls from the French and Italian Governments and the President-elect of the European Commission Jean-Claude Juncker. “The truth is that austerity is not working, and new policies are urgently needed to get Europe’s economy going” said Bernadette Ségol. “ I am hopeful, although not over optimistic, that European leaders are coming round to the view that Government investment is needed to generate jobs and growth and to stimulate private investment.”
