Pimco's McCulley says ECB needs to add 'fiscal policy' mantle

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GLOBAL - The European Central Bank will have to "engage in de facto fiscal policy" if the region's authorities wish to avoid a sovereign bankruptcy, according to Paul McCulley, a managing director at Pacific Investment Management Co.

Central-bank independence is not inconsistent with pumping money into the economy during deflationary periods, McCulley wrote in a article posted on Newport Beach, California-based Pimco's Web site...

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