ECB's Tumpel-Gugerell on policies in the new EU

In a speech on 'Monetary and financial policies in the new integrated Union' given on 9 March Gertrude Tumpel-Gugerell of the ECB pointed out that the success of fiscal adjustment and reform crucially hinges on political and public support.

"In addition, there is the risk of further fiscal liabilities arising from population ageing and unreformed pay-as-you-go pension systems in a number of countries. This calls for reforms of the pension and health care systems. Hence, fiscal reforms that

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