ECB’s Trichet Pushes for a European Finance Ministry
June 3rd, 2011Via: Telegraph:
Jean Claude Trichet has called for the creation of a European finance ministry whose powers to intervene in national economic policy would be “well over and above the reinforced surveillance that is presently envisaged”.
The boss of the European Central Bank (ECB) said that “strengthening the institutions of economic union” was vital to Europe’s future success, in a radical speech that is likely to alarm the UK Government. David Cameron has pledged to halt the creep of European powers.
Mr Trichet, who was speaking after being awarded the annual Charlemagne prize for services to European unity, said that the European Union (EU) needed tougher tools – including the ability to veto national economic decisions – to deal with imprudent member states.
He criticised the system whereby countries are effectively able to ignore EU fiscal austerity measures, “even if this attitude triggers major difficulties for other member countries”. In his vision “it would be not only possible, but in some cases compulsory, for the European authorities… to take themselves decisions applicable in the economy concerned.”
Related: Nigel Farage: Trapped Inside an Economic Prison
