European reform proposals put forward by French President Emmanuel Macron are bold and encouraging, even if they are yet to be implemented, European Central Bank Chief Economist Peter Praet told French newspaper Les Echos in an interview.
“This is no longer the policy of small steps; this time the bar has been set very high,” Praet was quoted on Thursday as saying. “Now the reforms need to be implemented and supported by the public.”
“We can also pay tribute to having the courage to carry out reforms while the recovery is under way and the efforts no longer seem absolutely essential,” said Praet, who has often called on euro zone governments to embark on structural reforms that could lift the bloc’s potential growth.
Source: Reuters (Reporting by Balazs Koranyi; Editing by Hugh Lawson)