IMF gives damning indictment of euro area economic situation

The IMF in it’s annual analysis of the euro area has given a damning indictment of the current economic situation and the failure of EU leaders and the ECB to deal effectively with it, saying the root causes remain un-addressed.

Eurobills where countries pool their debt, should be issued first on a small, short-term basis in exchange for the eurozone having veto powers over national deficits and the receiving country pledging their tax income to repay.

It recommends the eurozone proceeds quickly to create a full banking union and fiscal integration, where governments would more closely align their policies and have central oversight of their budgets.