December 28, 2010
European proposals to stiffen penalties for profligate euro-zone countries don't go far enough, European Central Bank governing council member Yves Mersch said Tuesday.
Mr. Mersch, who is also governor of the Bank of Luxembourg, called for earlier action and near-automatic sanctions against countries with deficits that exceed 3% of gross domestic product, the European Union limit.
"Recent European proposals on euro-zone economic governance are a step in the right direction, but are not ambitious enough to ensure healthy and effective functioning of the monetary union," Mr. Mersch wrote in an end-of-year address.
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