Wall Street Journal
September 5, 2011
Top European central bankers said Monday it's urgent that euro-zone members quickly implement Greece's second aid program and agree changes to the bloc's rescue fund amid "overshooting" borrowing costs for the region's peripheral countries.
Speaking at a conference in Paris, ECB President Jean-Claude Trichet and his incoming successor Mario Draghi also said euro nations must press ahead with structural reforms to strengthen the bloc's economic and fiscal governance to prevent future crises.
The two central bankers even called for a radical shakeup of how the bloc is governed that would require treaty changes, which would see fiscal discipline in the zone imposed by a single finance ministry.
"There is an immediate and imperative need for [July 21] measures to be implemented," Mr. Trichet said at a conference organized by Paris-based think-tank Institut Montaigne.
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