A 'Quantum Leap' in Governance of the Euro Zone Is Needed
European Central Bank President Jean-Claude Trichet
Trichet: No. This is excluded.
If a country joins the euro area, it shares a common destiny with the other members.
There is a need for a quantum leap in the governance of the euro area.
There need to be major improvements to prevent bad behavior, to ensure effective implementation of the recommendations made by "peers" and to ensure real and effective sanctions in case of breaches (of the Stability and Growth Pact).
The ECB is calling for major changes, and I will explain this in the task force chaired by (European Council President) Herman van Rompuy.
http://www.spiegel.de/international/europe/0,1518,694960,00.html
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