International Monetary Fund says EU’s Eastern European members should join euro…Posted: April 8, 2009
The International Monetary Fund says European Union members in debt-laden eastern and central European countries should consider scrapping their domestic currencies in favour of the euro to restore economic order, the Financial Times reports.
In a confidential report, compiled a about a month ago, the IMF said the eurozone could relax its entry rules so countries could join as quasi-members without holding European Central Bank board seats.
The recommendation formed part of a campaign by the IMF, the World Bank and the European Bank for Reconstruction and Development to persuade the EU and eastern European states to back a region-wide anti-crisis strategy, including a regional rescue fund.
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