June 2, 2011
Jean-Claude Trichet, president of the European Central Bank, has called on the European Union to take much bolder steps towards controlling fiscal and economic policies among member states, suggesting a long-term goal of establishing a common European ministry of finance.
In a far-ranging speech in which he spelt out his vision for the future of European economic and monetary union after the present eurozone crisis, he called for medium-term measures that would allow EU members to veto national economic policy decisions if they endangered eurozone stability.
“There is no crisis of the euro,” Mr Trichet declared in his capacity as chief guardian of the stability of the common European currency. But while he avoided any detailed reference to negotiations for a new rescue package for Greece, he called for a drastic change in the system of economic governance in the eurozone, going beyond “the dialectics of surveillance, recommendations and sanctions”.
Mr Trichet said “strengthening the rules to prevent unsound policies” was an “urgent priority”. The ECB had already called for a “quantum leap” in economic governance, and urged the European Parliament to reinforce the draft secondary legislation that is presently under negotiation with the Commission and the Council.
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