Draghi delivers some harsh predictions regarding the European social security. Face it, Europe is like an old lady, all dressed up, but nobody asking for the last dance. From WSJ;

In a wide-ranging interview with The Wall Street Journal at his downtown office here, Mr. Draghi reflected on how the region’s travails were pushing Europe toward a closer union. He said Europe’s vaunted social model—which places a premium on job security and generous safety nets—is “already gone,” citing high youth unemployment; in Spain, it tops 50%. He urged overhauls to boost job creation for young people.

There are no quick fixes to Europe’s problems, he said, adding that expectations that cash-rich China will ride to the rescue were unrealistic. He argued instead that continuing economic shocks would force countries into structural changes in labor markets and other aspects of the economy, to return to long-term prosperity.

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