In its latest analysis of the eurozone economy, investment bank Morgan Stanley has suggested that in the light of the recent revelations regarding the understatement of the Greek budget deficit, the Stability and Growth Pact which underpins the single currency is a "shambles".
Writing recently, European equity analyst Joachim Fels suggested that:
"Both the public debate between central bankers and politicians over the reform of the Stability and Growth Pact and the unveiling of the true extent of Greece's fiscal deficits serve to underscore that Euroland's fiscal framework is in serious disarray."
Arguing that "there is no credible fiscal policy framework in place to prevent countries from running excessive deficits", Mr Fels went on to conclude that:
"I stick to my view that the old Pact is dead and buried, and a credible new one is simply not in sight."
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