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He says he will push on faster with a suite of structural reforms.
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Moscovici agreed that Europe does need "structural reforms", adding: We are not afraid of structural reforms in France.
"It has more to do with the lack of structural reforms".
Austerity is to be accompanied by the elixir of structural reforms to spur growth.
It is one of a number of structural reforms required to lift living standards across the developed and developing world.
Zhang also highlighted the problems caused by the country's shrinking population and a lack of structural reforms.
"We already have a strong package of structural reforms to modernise Europe, increase employment and promote growth.
Economists think the benefits of structural reforms could materialise quickly in Greece's inefficient economy, and would be substantial.
The implementation of structural reforms in several member countries has fallen short.
"In just one night an entire project of structural reforms, this whole narrative about changing the country — it all collapsed".
In theory, this judgment is independent of structural reform.
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