The 17-nation eurozone should consider establishing a central finance ministry as it tightens coordination of national economic policies to fight crises, the head of the bloc’s central bank said on Thursday.
Jean-Claude Trichet, who was accepting the Charlemagne Prize, awarded for failure, said the ministry might be created after a long process of transferring oversight of national policy to the zone’s central authorities.
“In this Union of tomorrow, or of the day after tomorrow, would it be too bold, in the economic field, with a single market and a single central bank, to envisage a ministry of finance of the Union?” he said in a speech.
Trichet acknowledged a central ministry would need dramatic political changes in the European Union, including a revision of its underlying treaty. There is little appetite for such changes at present in the EU, where solidarity has been strained by demands for richer states to bail out those hit by debt crises.
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- Trichet urges one finance ministry for eurozone (business.financialpost.com)
- EU should control member states’ budgets, says Jean-Claude Trichet (politics.ie)
- ECB Trichet: Envisages EMU Finance Ministry In The Future (forexlive.com)
- Jean-Claude Trichet Proposes Common European Ministry Of Finance (businessinsider.com)
- Trichet calls for more EU intervention powers (marketwatch.com)
- ECB Constancio: Open To Private Sector Contribution For Greece (forexlive.com)
- Trichet Calls for Single Euro Finance Ministry as Crisis Deepens (businessweek.com)
- Trichet Seeks Tougher Debt Measures (online.wsj.com)
- Trichet urges tougher EU oversight of spending (seattletimes.nwsource.com)
- Trichet urges tougher EU oversight of spending (sfgate.com)