The current eurozone sovereign debt crisis has highlighted the challenges linked with having a centralised monetary policy with decentralised economic policies but lacking the institutions associated with federal states that act as "shock absorbers" against "the negative effects of imbalances", according to José Manuel González-Páramo, a member of the executive board of the European Central Bank (ECB).
González-Páramo says the "key lesson" from the financial crisis is that the euro area nations
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