ECB rejects euro short cuts in east Europe

The European Central Bank dismissed on the 6 April 2009 proposals for European Union states in eastern Europe to scrap their currencies and introduce the euro, without formally joining the eurozone. The ECB was responding to the publication in the FT of the 6 April 2009 (see related url below) of plans by the International Monetary Fund for the area as part of a regional anti-crisis strategy.

EurActiv, 7.4.09: Early euro adoption 'bad idea' for Eastern EU http://www.euractiv.com/euro-finance/early-euro-adoption-bad-idea-eas-news-221638

ESO: Background information: IMF says EU states in eastern Europe should adopt euro now http://www.europeansources.info/record/imf-says-eu-states-in-eastern-europe-should-adopt-euro-now/

Website: Stockholm Institute of Transition Economics http://www2.hhs.se/site/

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