Wall Street Journal
September 5, 2011
When the going gets tough, the European Central Bank gets federal.
With the euro’s future now hanging by an ever thinner thread, the need for fiscal unity in the euro zone has become more imperative.
Without it, the single currency will more than likely fail.
This is certainly the agenda ECB Governor Jean-Claude Trichet was pushing hard in a speech Monday in which he repeated calls for a euro-zone finance minister to oversee the financial sector. In other words, just as monetary policy through the region is now coordinated by the ECB in Frankfurt, fiscal policy for member countries would be organized in Brussels and the euro zone would be one major step closer to a federalist state.
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