Sweden's Heikensten on economic governance in EMU

In a speech on 'Strengthening economic governance in the EMU - A comment' given on 15 December, Lars Heikensten of the Sveriges Riksbank said better and more efficient methods of following up Member States' public finances are needed. Budget discipline must also apply in times of economic prosperity.

"The crucial issue for EMU in the period ahead is which of the two approaches will gain the upper hand. If the first approach prevails it will go well. But if the second approach dominates the

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