Fiscal Freedom in the Eurozone? (Project-Syndicate)

Italy’s draft budget is the latest evidence that the EU fiscal framework, according to which national budgets are supposed to comply with common rules, is broken. To prevent an eventual disorderly breakup of the eurozone, a new framework must be devised.

Lucrezia Reichlin, a former director of research at the European Central Bank, is Professor of Economics at the London Business School.

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