IMF's Rajan says Europe needs 'balanced' Pact

Europe needs balanced budget rules to boost economic growth, the IMF's Chief Economist Raghuram Rajan said in an interview published on Wednesday 23 February, referring to recent plans to revamp the European Union's Stability and Growth Pact.

"There must be a budget framework, with a balance between excessive rigidity and excessive flexibility," Rajan said in an interview with Italian newspaper Corriere della Sera.

"But no rule would work if those who are subject to it do not take responsibilit

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