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BRUSSELS, Oct 10: Economic reforms are needed in the eurozone to raise efficiency and counter a likely slowing of growth as the population aged, ECB President Jean-Claude Trichet said here on Monday.
But structural reforms had faltered because of a lack of drive and explanation, he said.
Mr Trichet said that average growth of the eurozone economy might fall below 2pc between now and 2010 and to less than 1.5pc by 2020 because the European population was ageing.
He said in a speech here that growth of Europe’s working-age population had averaged only 0.5 per cent since the 1980s, while the corresponding figure in the US had been 1.1pc.—AFP
