Oct. 4 (Bloomberg) -- European Central Bank President Jean- Claude Trichet urged European leaders to work toward more political unity to shield the 17-nation currency region against future crises.
“In my personal view, Europe will need to make significant progress towards political unity with an executive branch and a parliament, both with extended responsibilities as in any democracy,” Trichet said in a parliamentary hearing in Brussels today. “Part of this executive branch would be a European finance ministry which will be responsible, not necessarily for a large federal budget, but certainly for a strong economic and fiscal surveillance and governance, for the handling of the financial sector and for the external representation of the Economic and Monetary Union.”
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