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“To solve the Eurozone crisis, we need more than what is being done right now”, says Andreas Höfert, Global Chief Economist at UBS Wealth Management, during a press conference at UBS Luxembourg. He defined the three crises that need to be resolved in order to position the euro as a widely accepted currency once again. According to Andreas Höfert of UBS, there is the sovereign debt crisis, the banking crisis and the crisis of competitiveness. To solve all three you need to build now a European institution for an optimal currency area, which Mr. Höfert laments, the European Monetary Union is lacking right now. To solve the debt crisis, you would need a certain form of fiscal consolidation, which would lead to a loss of sovereignty of countries. To solve the banking crisis, a banking union...
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