Europe's monetary union "cannot function properly in the absence of a fiscal counterpart", according to National Bank of Romania governor Mugur Isărescu, who told a Romanian-Czech business forum in Bucharest yesterday that he supports Banking Union as a close substitute for fiscal union.
Romania is aiming to join the single currency by 2019, and "is now fulfilling three out of the four Maastricht criteria", Isărescu said, "namely the sustainability of the fiscal position, convergence of long-ter
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