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Mr Nash pointed out only the structural reforms of the euro-zone’s management would help to deal with the crisis effectively. “The solution is the real change in the way Europe has been managing, its business environment and attitude. It’s a structural change, not austerity or spending,” Mr Nash said. But European governments need political will to provide these reforms, he added. He went on: “You’re not going to get out of it [crisis] by austerity, it has to be more than just causing pain in peripheral Europe. The increased spending is not going to solve the problem either,” Mr Nash explained. Currently Germany and France press for further austerity measures for the debt troubled euro-zone countries in a so called fiscal treaty. On the other hand the International Monetary Fund raised $430 billion as a firewall against the global crisis amid renewed worries on European debt crisis sparked by Spanish and Italian budget problems. “Europe needs to do a lot of difficult structural changes. Money on its own only solves the problem in a short term,” he stressed.
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