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Nobel winners downbeat on euro

11 October 2011, 15:39

New Jersey - The 2011 Nobel Economics laureates offered a grim outlook Monday for the future of the euro, saying the common currency will have a hard time surviving without a central fiscal authority.

Christopher Sims, a Princeton economist who shared the prized with New York University's Thomas Sargent, said he has long been skeptical about the single currency created under the European Monetary Union.

"I wrote a paper a few years ago on the precarious fiscal foundations of the EMU," Sims said at a news conference at Princeton with Sargent hours after the Nobel announcement.

He said that "the euro was founded with a central bank but no unified fiscal authority" and that this "made it extremely unusual and raised questions about what would happen when the need for fiscal and monetary coordination arose." 

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