Europe's club of nations needs a rule change

According to this article by Zdenik Tma, governor of the Czech National Bank, first published by the Financial Times on 4 January, ERM-2 rules might have been perfectly legitimate in the past, but today they are outdated and -counter-productive.

"The ERM-2 might have made sense in a situation where monetary policies around western Europe were based primarily on fixed exchange rates explicitly or implicitly pegged to the D-mark," the article says.

"Today, such a system does not generate any

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