ECB Chief: EU Needs Treaty Change to Safeguard Union

Politics » BULGARIA IN EU | October 16, 2011, Sunday // 17:26
Bulgaria: ECB Chief: EU Needs Treaty Change to Safeguard Union ECB President Jean-Claude Trichet speaking in an end of term interview Sunday. Photo by EPA/BGNES

The Treaties for the European Union must be changed to prevent instability in one member spreading to the rest, stated European Central Bank President Jean-Claude Trichet.

"In my view it is necessary to change the treaty to prevent one member state from straying and creating problems for all the others," said Trichet in an interview for French radio Europe 1.

According to Trichet, the amended treaties must mandate stricter financial rules for member states to abide by.

He added that the financial instability that has grappled Europe is due to some members not abiding by the rules set out in its foundational documents.

This way the ECB President joined earlier comments by European Commission President Jose Manuel Barroso calling for treaty revision.

The EC President had called for an end to vetoing powers in the European Council, which according to him would facilitate decision making.

Barroso's comments were motivated by what he saw as the need for member states to act in unity or at least adopt swift decisions when faced with crises such as the current eurozone financial instability related to debt in countries such as Greece, Ireland and Portugal.

We need your support so can keep delivering news and information about Bulgaria! Thank you!

Bulgaria in EU » Be a reporter: Write and send your article
Tags: treaty, EU, European Union, Eurozone, instability, greece, ireland, Portugal, Jean-Claude Trichet, ECB, European Central Bank, Jose Manuel Barroso, European Commission, European Council
Advertisement All Are Welcome! Join Now!
Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria