ECB Chief Economist Jurgen Stark Calls For Global Governance Of Eurozone Members

Open Europe Press Summary of October 25, 2010 relates: Writing in FT Deutschland, ECB Chief Economist Jürgen Stark argues that “Europe needs stricter rules. Only hard sanctions can force Eurozone member states to reduce debt” He adds that therefore the stability pact must be made unpolitical, whereby “countries should be classified in risk groups. The higher the risk, the more binding the recommendations to reduce imbalances should be.”

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