ECB paper seeks to balance the arguments of eurosceptics

European Central Bank at night

An occasional paper published by the European Central Bank (ECB) discusses the many dimensions of the sovereign debt crisis and says there is a path out of the crisis, even if it is "long and strewn with obstacles".

Francesco Paolo Mongelli, who authored the paper, The Mutating Euro Area Crisis: is the balance between "sceptics'' and "advocates" shifting?, says the crisis has been a "catalyst for change", even though it highlighted many flaws with the economic and monetary union. "It cannot be

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