ECB’s Asmussen backs ‘allocative’ fiscal union

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Jörg Asmussen, a member of the European Central Bank's executive board, on Friday gave his backing to a limited form of fiscal union in Europe that could perform an allocative function.

In a speech accepting the University of Bocconi's ‘Alumnus of the Year' award, Asmussen outlined three main types of fiscal union: stabilising; allocative; and distributive. He said national fiscal policy was largely sufficient to deliver counter-cyclical stabilisation of the economy, while "there is too much

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