Nice EU Treaty needed for European Central Bank

As European Union leaders gather in Nice to reform the bloc's decision making processes in preparation for enlargement, one crucial item is absent from the agenda: the European Central Bank. A new paper by the Centre for Economic Policy Research says that if this issue is not resolved the ECB could be left dysfunctional.

Just as a 27-member EU would likely face gridlock without changes to its voting rules, the ECB's ability to take tough decisions on interest rates could be impaired if the

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