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Draghi Says Short-Term Contraction in Euro Area ’Unavoidable’

European Central Bank President Mario Draghi. Photographer: Hannelore Foerster/Bloomberg
European Central Bank President Mario Draghi. Photographer: Hannelore Foerster/Bloomberg

Dec. 15 (Bloomberg) -- European Central Bank President Mario Draghi said the euro area may not be able to escape a recession due to governments’ austerity measures.

“The unavoidable short-term contraction may be mitigated by the return of confidence,” Draghi said during a speech in Berlin today. “But in the medium term, sustainable growth can be achieved only by undertaking deep structural reforms that have been procrastinated for too long.”

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To contact the reporter on this story: Jeff Black in Frankfurt at jblack25@bloomberg.net

To contact the editor responsible for this story: Matthew Brockett at mbrockett1@bloomberg.net

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