Draghi urges eurozone not to give up on austerity

Budget cuts may be deepening the recession, but governments should not give up now, European Central Bank (ECB) chief Mario Draghi said on Wednesday (25 April) at a hearing in the European Parliament.

"We are just in the middle of the river we are crossing, the only way out is to persevere," the Italian economist in charge of the eurozone's central bank said.

He admitted that "fiscal adjustment" - a euphemism for budget cuts - is contributing to recession, which in some countries ...