June 2, 2011
Jean-Claude Trichet, the president of the European Central Bank, called on Thursday for the creation of a central finance ministry to oversee spending by countries that use the euro.
The creation of such an entity would require a change in the European Union treaty, and there would certainly be a lengthy debate.
But Chancellor Angela Merkel of Germany said on Thursday in Singapore that members of the euro area needed to work together more closely, perhaps indicating an openness to the idea.
As the debt crisis has strained European relations over the last couple of years, many economists have suggested that Europe must move beyond its unusual structure or else the union could risk being torn apart. The current structure, allowing each country a great deal of fiscal autonomy, will lead to future crises like the one now enveloping Greece, Ireland and Portugal, they contend.
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