BRUSSELS (MNI) – The Eurozone needs to pool more sovereignty of
member states, including a central authority that can limit their
ability to issue debt, European Central Bank Executive Board member
Joerg Asmussen said Tuesday.
“The core of the current debate about the future of economic union
has a name: the further sharing of sovereignty,” Asmussen said in a
speech for delivery at the European Policy Center here.
Such sovereignty pooling “would imply that a euro area authority
would have competence to limit countries’ ability to issue debt and have
intervention rights into national budgets, and to compel member states
to correct their policies, be that in the fiscal, structural and
financial fields,” Asmussen said.
— Frankfurt bureau: +49 69 720 142, email: frankfurt@marketnews.com —
[TOPICS: M$$EC$,M$X$$$,M$XDS$,MT$$$$]
