European Central Bank Executive Board member Joerg Asmussen said slowing growth in Germany and other “core euro-area countries” led the central bank to cut its growth forecast.
“Weaker growth prospects in core euro-area countries including Germany, France and the Netherlands led to the downward correction of the economic forecasts,” Asmussen said in a speech in Frankfurt today. “All euro member states are called on to implement reforms.”
“Even in Germany, reforms are very much needed,” he said. “One cannot sit back. If we don’t undertake reforms today, in 5-10 years we will once more be the sick man of Europe.”
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