Tuesday, 4 October 2011

Trichet Advocates New European Executive

Speaking at the European Parliament today, Jean Claude Trichet, President of the European Central Bank, said he expects the European Union to establish a new executive.

Asserting democratic legitimacy as the underpinning principle of a future executive, Trichet, describing a future executive, emphasised his belief that it must include a finance ministry with strong fiscal surveillance and guardianship roles.

In one of his last appearances before Parliament, Trichet said the European Parliament is the "heart of the living democracy in Europe. We at the ECB are the guardians of the currency of our fellow citizens"


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