The euro has no single fiscal authority standing behind it.

欧元背后缺乏统一的财政管理。

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The idea of an independent fiscal authority deserves serious consideration.

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One is greater fiscal integration, including a joint fiscal authority, the issuing of common bonds, and the ability to make fiscal transfers to regions hit disproportionately hard by recession.

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But the Treasury itself is constrained by the debt ceiling set by Congress, and an independent central bank should not rely on the fiscal authority for one of its tools.

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