Euro zone needs fiscal union to withstand future shocks: ECB Coeure

March 2, 2016 5:13 PM

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Euro zone needs fiscal union to withstand future shocks: ECB Coeure

FRANKFURT Euro zone countries need to pool their fiscal resources and decision making if the euro area is to dispel doubts about its ability to withstand economic shocks, a top European Central Bank policy maker said on Wednesday.

"A pooling of fiscal resources, whatever their nature and size might be, only works if solidarity goes hand in hand with shared responsibility," Executive Board members Benoit Coeure told a committee of the European Parliament.

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