EU needs radical fiscal reforms, IMF report says
Framework would aim to free ECB from having to stabilise sovereign bond markets
The European Union should carry out radical reforms to its fiscal rules, a report published by the International Monetary Fund on September 5 suggests.
The proposed framework would combine the creation of common fiscal tools with the reinforcement of debt sustainability at the national level. The IMF’s proposal crucially involves the creation of a common fiscal capacity. It aims to foster macroeconomic stability when monetary policy is operating at the lower bound and the resources to provide
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