International Monetary Fund (IMF) reported that the euro-zone situation is not optimistic, more powerful and perfect monetary union to save the market confidence and long-term andof short-term measures to promote economic growth.
The report said that the euro area financial and economic environment continues to deteriorate, capital fled, financing costs hit record highs, while a drop in demand, rising unemployment. Low growth and financial pressure increases the difficulty of the euro-zone countries debt relief.
The report pointed out that the euro area has entered a critical stage. Despite the unconventional policy measures, but many banks and sovereign state still faces heavy pressure, so that the viability of the European Monetary Union suffered questioned. Need to take firm and effective measures to improve the monetary union, especially the banking alliances and strengthen financial integration, to achieve greater regulatory and risk-sharing.
The IMF believes that to take concrete measures towards the banking industry alliance forward is a priority. The euro zone is necessary to establish a deposit guarantee system to isolate the risk transfer between banks and sovereign state, to enhance depositor confidence. In addition, as an intermediate step to strengthen financial integration, European countries can be considered the issue of some form of common bond. Such bonds may be short-term, small-scale and centralized management.
The IMF pointed out that European countries should be long-term structural reform and short-term to promote growth, increase the demand for a combination of measures. The European Central Bank to ensure that its monetary policy can provide effective support and unconventional measures when necessary.
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