Eurozone needs 'fundamental' reforms: IMF

Eurozone countries should cede more control over national budgets to Brussels, the IMF said yesterday, warning Europe's currency bloc must "complete the project of monetary union."
Calling on policymakers to "take decisive action," the Washington-based institution urged root and branch reform, as it blamed the worst crisis in the euro's history on a litany of government failings.
"Policies need to move urgently from crisis management to fundamental reforms," the Fund said.
"The euro area fiscal framework needs to be substantially strengthened to deliver the collective fiscal responsibility required for a well-functioning monetary union.
"Ideally, one should aim at delegating to the center the capacity to enact binding deficit targets on member states based on sound economic judgment about individual countries' debt sustainability and cyclical positions, as well as area-wide needs.
"Such a reform will require building consensus around Treaty changes," the IMF said.