Central Bank of Ireland economist says monetary policy will not save euro

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Europeans should not put their faith in further monetary policy stimulus and instead should implement a common backstop to share the risk of bank default, Lars Frisell, director of economics at the Central Bank of Ireland, said on February 27.

Speaking at the Institute of International and European Affairs, Frisell noted that the eurozone was failing at most if not all of the four criteria for an effective currency union originally put forward by Robert Mundell: labour and capital mobility

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