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"A country entering the EMU surrenders its monetary policy, and its debt becomes denominated in terms of a currency over which it has no direct control. A country's promise to uphold the fiscal limits in the Maastricht Treaty and the Stability and Growth Pact is implicitly a promise not to allow...
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quasi-fiscal rescue operations can undermine this consensus and lead to a disintegration of the Eurozone. There are also … ; Eurozone ; Maastricht Treaty ; European Central Bank ; Euro ; Fiscal union …
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