ECB's Issing on globalisation, emu and the euro

In the speech "Globalisation, emu and the euro" given on 22 May Otmar Issing of the ECB said reductions in fiscal deficits by eurozone countries actually boost growth in those economies, rather than weighing on economic activity.

'Countries that have in the past undertaken consolidation measures as part of a comprehensive reform agenda have fared best both in terms of boosting growth and sound public finances,' he said in the speech.

'These countries -- for example Ireland in the late 1980s and

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