By Jonathan Davies
The governor of the Bank of England Mark Carney has warned that the structure of the eurozone puts it in an "odd position".
Mr Carney said that sharing a currency without sharing decision on things like tax and spending does not work.
"For complete solutions to current and potential future problems the sharing of fiscal risks is required," he said.
"European monetary union will not be complete until it builds mechanisms to share fiscal sovereignty.
"Without this risk sharing, the euro area finds itself in an odd position."
The governor's comments come a week after the European Central Bank announced plans to inject more than €1.1 trillion (£834bn) into the eurozone economy.
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