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Sunday 22 April 2018

Trichet urges more EU power

OUTGOING European Central Bank president Jean-Claude Trichet (above) wants to prevent another debt crisis by seeing the establishment of a finance ministry for the 17 euro states.

Mr Trichet has hinted that the EU could be given power to intervene in the budgets of countries if they go "harmfully astray".

Ireland and Greece's costly bailout funding has already cost €85bn and €110bn respectively as the EU has tried to stop contagion spreading.

Europe has responded to that challenge but looking to the medium term and with an eye to the current crisis, Trichet asked if the authorities in the euro states should be given a "much deeper authoritative say in the country's economy policies if these go harmfully astray".

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