The International Monetary Fund said that if the European region fails to effectively control its public finances, its sovereign debt dynamics will face a serious risk of getting out of control. Economists including Luc Eyraud, Mahika Gandhi, and Andrew Hodge wrote in a report released on Monday that the “piecemeal” approach adopted by many countries has come to an end as challenges such as population aging, energy transition, and rearming intensify.

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