ECB paper analyses euro stability measures

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A working paper, published by the European Central Bank (ECB) on September 19, reviews the measures designed to strengthen the European Monetary Union, and identifies further steps to be taken.

The authors, Francesco Drudi, Alain Durré and Francesco Paolo Mongelli, highlight the importance of the economic union in the eurozone. In the absence of a federal budget for the region, national fiscal discipline is essential, the authors say, and the fiscal compact agreed in March is a "step in the

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