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Euro Zone Agreement Only Partial Solution: IMF

Reuters [1]
December 11, 2011

An agreement reached by European countries for deeper economic integration was a step in the right direction but not a complete solution for the euro zone’s debt crisis, International Monetary Fund (IMF) chief economist Olivier Blanchard said on Sunday.

“I’m actually more optimistic than I was a month ago, I think there has been progress,” Blanchard told the Globes business conference in Tel Aviv.

“What happened last week is important: it’s part of the solution, but it’s not the solution.”

He did not say what further steps were needed.

European leaders agreed in Brussels on Friday to draft a new treaty for deeper euro zone economic integration, although Britain, the region’s third-largest economy, refused to join the 17 euro states and nine other EU countries in the fiscal union.

Full article here [1]