The European Central Bank is trying once again to hammer home a message it’s been stressing for almost two decades: countries must reform their labor and product markets and use their fiscal space if they want their economies to remain resilient in the long term. That’s the view in a paper published by the ECB on Friday. While the central bank says the report doesn’t necessarily reflect its own stance, the commentary echoes calls by policy makers that are gaining urgency as years of unprecedented stimulus start to draw to a close. If they go unheard, the risk is that central banks won’t have much room to act during ... (full story)