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Eurozone is not efficient, says ex-Fed chief

Former Federal Reserve chief Alan Greenspan stressed the eurozone is not functioning, saying insufficient balances in the economic stability of EU member countries make the current duty of the single currency a major area of concern.

Greenspan emphasized the great difference among European Union states, with the EU's more wealthier states including Germany regularly financing the shortages of southern countries.

The ex-central bank head, who has been critical about the bloc, said this divergence should not persist. He mentioned the European Central Bank is grappling with greater challenges than the Fed, noting the ECB's balance sheet is bigger than ever.

He also expressed his apprehension regarding the euro's prospect.

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