Bloomberg News

ECB’s Trichet Says Europe Must Progress Toward Political Unity

October 04, 2011

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.”

To contact the reporter on this story: Christian Vits in Frankfurt at cvits@bloomberg.net

To contact the editor responsible for this story: Matthew Brockett at mbrockett1@bloomberg.net


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