March 16, 2011
Cracks remained in the euro zone's package of debt-crisis measures, even as the European Union's finance ministers approved new legislation that sets fresh sanctions for budget offenders and puts new focus on broader economic problems that have destabilized weaker countries.
Jean-Claude Trichet, the president of the European Central Bank, told finance ministers meeting here that the changes to the sanction regime are "insufficient." They still must be debated and approved by the European Parliament, which is likely to try to toughen them.
The rules stem from last year's proposals by the European Commission, the EU's executive arm. To Mr. Trichet's dismay, they were weakened by national leaders. Mr. Trichet has said he wants sanctions that apply more automatically to countries that have fiscal problems; the version approved by finance ministers allows for some intervention by politicians.
Also Tuesday, a roadblock appeared in promised plans to enlarge the size of the euro zone's main bailout fund, and Greece conceded that it might have to seek more help.
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