Friday, March 15, 2013

Draghi lectures euro zone leaders about labor costs

European Central Bank President Mario Draghi gave EU leaders a crash course in macroeconomics late on Thursday, emphasizing his concerns about low productivity and high labor costs hurting the euro zone's prospects, officials said.

In a two-hour session with the euro zone's 17 heads of state and government, Draghi, a former professor of economics and political science, took his audience through a range of slides and charts depicting the region's divergences.

The presentation and discussion, which diplomats said was well received by the leaders despite starting at 11 p.m., focused on the growing gap in several member states between how much labor costs and how productive workers are.

SO now they want even lower wages for more work.!