Centralised risk sharing must be part of solving crisis, says IMF

The flow of money from Germany and other core eurozone countries to Ireland from the start of monetary union helped create a huge current account imbalance that undermined competitiveness.

Centralised risk sharing must be part of solving crisis, says IMF

Centralised risk sharing and fiscal transfers have to be part of the solution, according to a paper just released by the IMF called External Imbalances in the Euro Area. The German view of the crisis is that periphery countries used the euro as cover to live beyond their means.

These profligate countries must now pay back these debts.

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