ECB’s Draghi Believes Joint Effort Needed to Avoid Recession

France and Italy renewed their commitment to reform their economies on Friday in the hope of winning more time to bring their public finances in order but the ECB’s president warned more needed to be done to avoid “a relapse into recession”.

After the bloc’s revival came to a halt in the second quarter, France and Italy want to shift course away from the spending cuts that marked the bloc’s response to the 2009-2012 crisis. Germany says debt discipline must continue.

Seated around a large oval table in the EU summit’s red marble building, European Central Bank President Mario Draghi told euro zone leaders over lunch that more needed to be done.

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