The eurozone needs to work hard to end its reliance on debt, European Central Bank (ECB) vice-president Vítor Constâncio said on June 24.

In remarks to a conference entitled “Debt – economic, political and moral consequences”, organised by the Deutsche Bundesbank and Goethe Univirsity, Constâncio said economies had been torn by a desire to pursue growth and a desire to deleverage. “Both strands have been partially pursued with the end result that deleveraging has hardly happened both in the case