ECB's Gonzalez-Paramo on financial markets in EMU

In the speech 'Fiscal policies and financial markets in EMU' given on 15 September Jose Manuel Gonzalez-Paramo of the ECB said in principle, market forces can play a useful role in encouraging euro area governments to act in line with fiscal sustainability, supplementing the fiscal framework in place.

"However, as recognised by the designers of the Maastricht Treaty, these forces are not necessarily strong and timely enough to preserve sound public finances and thereby facilitate the attainment

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