The International Monetary Fund got down to specifics Wednesday, urging European leaders to move quickly to complete a banking union and calling on the European Central Bank to pull out the stops to combat a crisis that has reached a “new and critical stage.”
“Despite major policy actions, financial markets in parts of the region
remain under acute stress, raising questions about the viability of the
monetary union itself. The adverse links between sovereigns, banks, and
the real economy are stronger than ever,” IMF staff wrote in a report
that accompanied the Washington-based institution’s annual review of the
region’s economy.
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