OMT highlighted need for fiscal union, says Ashoka Mody
THE success of the European Central Bank's as yet unused bond buying programme in easing market fears reflects the need for a fiscal union, the IMF's former Ireland mission chief has said.
In a paper published by think-tank Bruegel, Ashoka Mody argued the ECB's Outright Monetary Transactions (OMT) programme was a "politically pragmatic tool" to diffuse the euro zone crisis which also exposed key fault lines in the architecture of the euro.
Join the Irish Independent WhatsApp channel
Stay up to date with all the latest news