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EX-BUNDESBANK CHIEF: 'a lot of pain will be shared out in many quarters'

Europe's ageing population and shrinking labour force are making it impossible for central banks to hit their inflation targets, no matter how low they push interest rates, the former president of Germany's central bank said. "We are facing a situation where labour force growth in Europe is, in 2017, going negative," Axel Weber, who has been chairman of Swiss bank UBS since 2012, said at Bloomberg's Most Influential conference in London.
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