ECB’s Coeure Says Europe Needs to Rebalance Its Social Contract

European Central Bank Executive Board member Benoit Coeure said Europe must rebalance its social contract because the economic crisis “disproportionately affected the more vulnerable social groups.”

Workers who could “lose their employability” if they remain jobless for too long may threaten economic growth in the 17-nation euro region, Coeure said in a speech today at Harvard University’s Kennedy School of Government in Cambridge, Massachusetts. He did not discuss monetary policy.