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Schwarz, Jiří

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Lidové noviny - Czech Republic | 16/08/2011

On the path to financial union

The introduction of euro bonds would mean the introduction of a common financial policy for the euro countries, the conservative daily Lidové noviny writes: "On the one hand the countries with the biggest budgetary difficulties could regain financial equilibrium on the cheap. On the other hand the countries with healthy public finances would pay more for the ailing countries' debts. ... But one cannot expect taxpayers from Germany or other disciplined countries to voluntarily finance the undisciplined countries on the long term. They will seek standardised rules - toward a European financial union. Up to no budget matters have been entirely in the hands of individual states. In a financial union this competence would dissolve like a sugar cube in coffee."

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