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- ECB MERSCH ON EUROBONDS: Why not expand already existing EFSF
ECB MERSCH ON EUROBONDS: Why not expand already existing EFSF
- Eurobond debate hides incapacity to make needed reforms
- If want to europeanize debt, must europeanize taxes
- Can't exclude embracing part of eurobond proposal
- Disturbed by uncertainty caused by comments, proposals
- ECB bond buying to continue, but we are aware of risks
- Can't blur line between monetary policy, fiscal policy
- ECB can't replace lack of action by others
- Huge amount of reform already done in some EMU states
- With time markets will appropriately assess reforms
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