In his final speech as governor of the Bank of Canada, Mark Carney said Europe needs to make significant changes or face years of economic stagnation. Carney, who is poised to become head of the Bank of England on 1 July, said fiscal austerity, tight credit conditions and low confidence are holding back Europe. "Deep challenges persist in its financial system," he said. "Without sustained and significant reforms, a decade of stagnation threatens."

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