Trichet - ECB to propose government monitoring plan
Trichet has regularly urged Europe to improve the way it monitors governments' spending in the wake of the debt crisis. Asked at the bank's monthly news conference what needed to be done, he said the ECB was drawing up its own proposals.
"We will be more explicit on all that when we transmit our own proposal, but it would mean improving massively the ex-ante (prior) monitoring of the position of the various governments," he said.
"In the fiscal area of course we are very strongly in favour of the European semester. I trust now that practically all countries, even those who are resisting, are now on board. We need more sanctions. We need much more effective monitoring."
European Union Monetary Affairs Commissioner Olli Rehn has proposed splitting the year up so national budgets can be vetted by Brussels before being finalised by national parliaments.
Trichet said as much as possible would be done to exploit the scope of existing laws to push through stricter rules.
"I would say in the first step, it would be to exploit all the possibility that the secondary legislation of Europe permits in all domains... We consider that we have to go up to all what the legal framework permits."
"We will be more explicit on all that when we transmit our own proposal, but it would mean improving massively the ex-ante (prior) monitoring of the position of the various governments," he said.
"In the fiscal area of course we are very strongly in favour of the European semester. I trust now that practically all countries, even those who are resisting, are now on board. We need more sanctions. We need much more effective monitoring."
European Union Monetary Affairs Commissioner Olli Rehn has proposed splitting the year up so national budgets can be vetted by Brussels before being finalised by national parliaments.
Trichet said as much as possible would be done to exploit the scope of existing laws to push through stricter rules.
"I would say in the first step, it would be to exploit all the possibility that the secondary legislation of Europe permits in all domains... We consider that we have to go up to all what the legal framework permits."
No comments:
Post a Comment