Draghi: Reforms Must Continue Despite Social Cost
Draghi said countries reformed to help themselves, not to satisfy the ECB or European Commission.
"For this reason, it is wrong to claim that countries are undertaking reforms only to please the markets or to satisfy the demands of technocrats in Brussels, Frankfurt or Washington. They are doing it for their own benefit. And it is time that this message gets more emphasis."
The Commission, which is the European Union's executive commission, and Germany, the eurozone's biggest member, have pushed for balanced budgets as a major part of the solution to Europe's crisis over too much government debt.
They've done so over the objections of some economists and leaders who argue that cutting spending reduces growth and ultimately makes debt harder to pay. Eurozone leaders' strategy also includes reforms to make troubled countries better places to do business and efforts to steady a troubled banking system.
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