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May 2, 2012
Region:
Europe is adopting a new approach: economic policy coordination in the EU and the eurozone has undergone fundamental reform over the last two years. Now it is conducted via three pillars that address general economic policy, fiscal policy and macroeconomic imbalances. However, disruption is still caused by exemptions, conflicting objectives and time inconsistencies. The new rule book will only be able gain a good reputation going forward if it is applied rigorously. The pressure of the capital markets will remain a key driver of reform in this regard. [more]
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