ECB’s De Cos Says Europe Urgently Needs an Economic Overhaul

European Central Bank policy maker Pablo Hernandez de Cos issued a strongly worded warning to leaders that they must act to prevent the region sliding into a lengthy period of low economic growth.

The Bank of Spain governor, in an end-of-year article, listed a host of challenges including the proliferation of protectionism, the struggles of the auto industry, aging populations and stagnating productivity.