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Euro’s Preservation Worth Costs, Nobel Laureate Sims Says

Nobel Economics Laureate Christopher A. Sims said Europe needs to preserve the euro and that the only obstacle to a functioning currency union is better fiscal coordination.

“It’s worth paying a price to preserve the euro,” Sims, who is in Stockholm to attend an award ceremony for the Nobel economics prize he won in October together with Thomas J. Sargent, said yesterday in an interview. “It needs to be a true fiscal union. That means there should be some kind of euro-wide tax instrument. There should be euro bonds.”