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ECB head wants EU finance ministry

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ECB head wants EU finance ministry
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The head of the euro zone’s central bank is suggesting that the bloc should consider setting up a single finance ministry to better coordinate national economic policies and fight crises.

Jean-Claude Trichet spoke as he received the Charlemagne Prize, awarded for contributions to European unity.

He said: “The EU will probably continue towards a completely new type of confederation of sovereign states. In this union of tomorrow, or of the day after tomorrow, would it be too bold, in the economic field, with a single market and a single central bank, to envisage an EU ministry of finance?”

Trichet acknowledged such a central ministry would need dramatic political changes in the EU, including revising its underlying treaty.

It certainly could not happen soon, given current tensions over richer states bailing out those hit by debt crises.

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