Economics Nobel Prize winner Milton Friedman believes the European Union should do away with its euro stability pact. In an pre-released interview with the magazine "DmEuro," Friedman said eurozone members should eliminate the existing pact without replacing it with a new one. The pact was possibly needed for political reasons to push the euro through, he said, "but now that we have the euro, I don’t believe that the stability pact offers any political or economic advantage." Each European state should take care of its own finances, he added. Friedman received the Nobel Prize in 1976 for his work on monetary policy and stabilization politics.