Which of the following is a problem for fiscal policy in a currency union ?

• A. The central bank controls interest rates on long-term bonds issued by the governments of the member countries of the currency union
• B. Government of the member countries of the currency union may run large budget deficit and so crowd out private investment
• C. government of the member countries of the currency union may run large budget deficits and so impose costs on other countries by pushing up interest r
• D. It is difficult to raise enough tax revenue to pay for the operation of the currency union