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Világgazdaság - Hungary | Thursday, February 26, 2009

A new financial system for the Eurozone

In the business paper Világgazdaság US investment banker and philanthropist George Soros calls for a unified European credit market to counter the structural weaknesses of the euro: "In addition it could lend a hand to the new EU countries who are not yet members of the Eurozone and are therefore more vulnerable. And what's more the credit capacity of the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) could be expanded. … A credit market in the Eurozone would not supplant the market for government loans in individual states, but only complement it. The finance ministers of the monetary union would exercise a controlling function. The European Central Bank (ECB) could function as the regulating body. … In this way a unified and powerful financial system could be created which even the UK, which is struggling with its oversized and under-capitalised bank system, could join."

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