Last week, Dominique de Villepin, the French foreign minister, called for a new euro-area council with the capacity to co-ordinate budget policies.
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The euro area does need to find some way to co-ordinate its 12 fiscal policies with the single monetary policy set by the ECB.
"This group, under the chairmanship of my department, will co-ordinate and oversee the continuing development of the area plans, " he said.
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How to co-ordinate a single monetary policy with the 12 separate fiscal policies of the euro area's members?
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