Eurozone nations should take a big step towards integration with a new system of cross-border budgetary co-ordination, according to the head of the International Monetary Fund.
Dominique Strauss-Kahn, IMF managing director, suggested introducing short-term fiscal transfers between member states as a way to avoid a repeat of the crisis that has shaken financial markets.
The proposal, made in an interview with the Financial Times, would mark a significant step towards common economic governance in the 16-nation euro area, but would probably run into resistance in Germany, Europe's largest economy.
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