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ECB chief opposes new fiscal rules - he wants more
Date 21/10/2010 14:30  Author webmaster  Hits 1132  Language Global
21 OCT 2010

By Nina Koeppen | WSJ (ECB Chief Opposes New Fiscal Rules)

FRANKFURT—European Central Bank President Jean-Claude Trichet doesn't fully endorse new European Union fiscal rules that, despite initial demands for automatic sanctions against countries that violate EU, deficit rules—still foresee a large degree of political control.

An ECB spokesman said Thursday "it is correct that the president of the ECB does not subscribe to all elements of the report."

EU finance ministers reached a deal Monday to tighten rules governing the bloc's public finances, handing more power to the European Commission, the EU's executive arm, to act against countries that violate them.

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See also:
ECB chief attacks eurozone reform proposals (AFP)
EU Taskforce Report: Trichet Doesn't Back Fiscal Rules Deal (Market News)