ECB executive urges greater European federalisation

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In a speech delivered on May 18, José Manuel González-Páramo, a member of the executive board of the European Central Bank, emphasised the importance of federalisation in achieving greater stability in the eurozone, highlighting progress that has already been made towards improving institutions.

Speaking in London, González-Páramo explained that while the short-run response to the crisis had to be rapid, federalisation could not take place "overnight".

He said authorities should initially focus

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