($EURUSD, $MACRO) ECB STUDY, COAUTHORED BY JUERGEN STARK, SAYS FISCAL IMBALANCES IN EURO ZONE RISK UNDERMINING STABILITY, SUSTAINABILITY OF THE EMU
LATEST EMU RULE CHANGES CONTINUE TO REFLECT STATES' UNWILLINGNESS TO TRANSFER NECESSARY DEGREE OF SOVEREIGNTY OVER ECONOMY TO EUROPEAN LEVEL
NOT CLEAR IF LATEST REFORMS ARE SUFFICIENT TO ENSURE SOUND FISCAL POLICIES
NATIONAL BUDGET DEFICITS SHOULD BE APPROVED AT EUROPEAN LEVEL IF SAFE LEVELS EXCEEDED
THERE SHOULD BE AUTOMATIC FINES FOR DEFICIT EXCEEDING 3 PCT OF GDP
STATES SHOULD GO INTO FINANCIAL RECEIVERSHIP IF ADJUSTMENT PROGRAMMES NOT ON TRACK
LATEST EMU RULE CHANGES CONTINUE TO REFLECT STATES' UNWILLINGNESS TO TRANSFER NECESSARY DEGREE OF SOVEREIGNTY OVER ECONOMY TO EUROPEAN LEVEL
NOT CLEAR IF LATEST REFORMS ARE SUFFICIENT TO ENSURE SOUND FISCAL POLICIES
NATIONAL BUDGET DEFICITS SHOULD BE APPROVED AT EUROPEAN LEVEL IF SAFE LEVELS EXCEEDED
THERE SHOULD BE AUTOMATIC FINES FOR DEFICIT EXCEEDING 3 PCT OF GDP
STATES SHOULD GO INTO FINANCIAL RECEIVERSHIP IF ADJUSTMENT PROGRAMMES NOT ON TRACK
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