Draghi urges eurozone not to give up on austerity

EUObserver reported that European Central Bank (ECB) chief Mario Draghi said on the 25 April 2012 at a European Parliament hearing that 'budget cuts may be deepening the recession, but governments should not give up now'.

Other features indicate reactions by political leaders in various EU Member States to the austerity v growth debate. Many seemed to called for a 'Growth Pact' to complement or be incorporated within the Fiscal Pact. However, there was disagreeemnt as to what a 'Growth pact' should consist of.

• Primary Source

El País, 26.4.12: Rajoy: Merkel not in charge of austerity policy http://elpais.com/elpais/2012/04/26/inenglish/1335469438_362986.html

EUObserver, 26.4.12: Informal EU summit on growth possible before June http://euobserver.com/18/116053

ESO: Background information: Hollande seeks wider EU fiscal pac http://www.europeansources.info/record/hollande-seeks-wider-eu-fiscal-pact-business-backing-for-sarkozy-starts-to-cool/

ESO: Background information: Germany fears French threat to EU fiscal pact http://www.europeansources.info/record/germany-fears-french-threat-to-eu-fiscal-pact/

Spiegel Online International, 27.4.12: Austerity Backlash Unites European Leaders http://www.spiegel.de/international/europe/0,1518,830185,00.html

Die Zeit, 26.4.12: But austerity is necessary (via PressEurop) http://www.presseurop.eu/en/content/article/1880551-austerity-necessary

BBC News, 25.4.12: Eurozone leaders push for growth http://www.bbc.co.uk/news/business-17839985

The New York Times, 25.4.12: E.C.B. President Urges Rigor for the Long Term http://www.nytimes.com/2012/04/26/business/global/ecb-president-urges-rigor-for-the-long-term.html

European Parliament: Press Release, 25.4.12: Draghi quizzed on ECB liquidity programme and economic growth http://www.europarl.europa.eu/news/en/pressroom/content/20120423IPR43738/pdf

The Telegraph, 25.4.12: ECB chief Mario Draghi calls for euro 'growth compact' http://www.telegraph.co.uk/finance/financialcrisis/9225880/ECB-chief-Mario-Draghi-calls-for-euro-growth-compact.html

RTÉ, 25.4.12: ECB President Mario Draghi says Anglo Irish Bank promissory note contract will not be changed http://www.rte.ie/news/2012/0425/draghi-says-no-change-to-promissory-note-contract.html

The Guardian, 24.4.12: End of the road for European austerity? (via PressEurop) http://www.presseurop.eu/en/content/article/1865091-end-road-european-austerity

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