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Friday, February 24, 2012

Europe's Banker Talks Tough Draghi Says Continent's Social Model Is 'Gone,' Won't Backtrack on Austerity





Europe's Banker Talks Tough

Draghi Says Continent's Social Model Is 'Gone,' Won't Backtrack on Austerity

FRANKFURT—European Central Bank President Mario Draghi warned beleaguered euro-zone countries that there is no escape from tough austerity measures and that the Continent's traditional social contract is obsolete, as he waded into an increasingly divisive debate over how to tackle the region's fiscal and economic troubles.
In a wide-ranging interview with The Wall Street Journal at his downtown office here, Mr. Draghi reflected on how the region's travails were pushing Europe toward a closer union. He said Europe's vaunted social model—which places a premium on job security and generous safety nets—is "already gone," citing high youth unemployment; in Spain, it ...

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