The president of the European Central Bank, Mario Draghi has commented on fiscal consolidation, the central bank’s three-year loans, and bank capital.
He spoke at the World Economy Forum today in Davos, Switzerland.
“Countries themselves have to undertake the necessary fiscal consolidation, fiscal consolidation is unavoidable. There will be a short term contraction; the question is how we mitigate this. Many of these countries don’t grow.
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