Top investment bank Morgan Stanley has issued a scathing attack on the Stability and Growth Pact - the rules underpinning the euro.
The bank's latest note on the euro zone economy says, "Europe's fiscal framework is in shambles".
"Both the public debate between central bankers and politicians over the reform of the Stability and Growth Pact and the unveiling of the true extent of Greece's fiscal deficits serve to underscore that Euroland's fiscal framework is in serious disarray...
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