Draghi’s growth babble is no retreat on austerity
Thu, Apr 26 06:30 AM EDT
By Pierre Briançon
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Is it still possible to mention the word “growth” without becoming a hostage in the French presidential campaign? Mario Draghi, the European Central Bank president, has been hijacked by the French socialist party because he has called for a euro zone “growth compact”. Presidential candidate François Hollande sees it as a sign that his ideas are gaining ground. But Draghi’s statement to the European parliament wasn’t a seismic shift. More important, what he means by growth compact has nothing to do with what Hollande plans to do if elected.