Trichet Repeats Call For European Finance Ministry, Abdication Of National Sovereignty

Submitted by Tyler Durden on 10/24/2011 12:33 -0400
Comments: 80 / Reads: 3,580

The outgoing ECB president has just released an extremely long-winded speech titled "Tomorrow and the day after tomorrow: a vision for Europe" in which he once again makes the simple case that without someone paying for the European experiment (ahem Germany), and without a Finance Ministry being created (read fiscal union), there is not much future to the creature known as the EMU (and parodied earlier). To wit: "This European finance ministry would, first, oversee the surveillance of both fiscal policies and competitiveness policies, and when necessary, have responsibility for imposing the “second stageâ€