EU needs radical fiscal reforms, IMF report says

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The European Union should carry out radical reforms to its fiscal rules, a report published by the International Monetary Fund on September 5 suggests.

The proposed framework would combine the creation of common fiscal tools with the reinforcement of debt sustainability at the national level. The IMF’s proposal crucially involves the creation of a common fiscal capacity. It aims to foster macroeconomic stability when monetary policy is operating at the lower bound and the resources to provide

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