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Interest rates still too high in Italy and Spain, IMF says

'ECB bond-buying program not enough, EU needs banking union'

Interest rates still too high in Italy and Spain, IMF says

New York, March 6 - Interest rates in Italy and Spain remain too high in spite of European Central Bank (ECB) directives, the International Monetary Fund said on Wednesday. "In spite of the ECB's efforts, transmission of its monetary policy remains limited," said Reza Moghadam, who is the director of the IMF European Department. The ECB's bond-buying program relieves some of the pressure, but the EU needs a banking union to ensure financial stability, Moghadam added.

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