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They also need to boost growth through reforms of labour and product markets.
"There needs to be rapid industrialisation in India, and that needs reforms of labour laws and land acquisition procedures, among many other things".
Devaluation was ruled out by membership of the euro so Spain opted for the German solution; grinding out improvements through structural reforms of labour and product markets.
Stirring the pot: the Indian Government's reforms of labour rules offer hope of a brighter future for businesses I have been asked the same question on a number of occasions over the past year: when will the M&G Recovery fund recover?
Reforms of labour legislation have been amongst the most widely spread policy interventions used by governments in recent years in order to address the negative effects of the global financial and economic crisis.
What is required, as Draghi implied, are reforms of labour and product markets in Italy and France, to make their economies more flexible and competitive, and a government-induced stimulus in Germany.
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Mr Vajpayee recently told India's trade unions to prepare for the reform of labour laws.
The cutbacks went hand in hand with a reform of labour market laws that was supposed to make it easier for jobseekers to get back into employment.
France, a nation gripped since by civic unrest at the government reform of labour laws, has needed a positive story on which to cling.
The measures introduced so far, including reform of labour laws, have already damaged the popularity of Rajoy's People's party just 100 days after it took over the reins of government.
Their opposition to a government-backed reform of labour law last year was pretty feeble.Yet they are becoming more active and more united: the two groups rowed last year, when the CCOO accepted a government plan on pension reform and the UGT said no.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com