We should get used to the idea thet Trichet's proposal is going to happen. After all, he formulated it in his acceptance speech of the Charlemagne Prize for services rendered to European unity a year ago. Back then it looked like it was a pie in the sky idea, but within 6 months it was being endorsed by sitting ministers. Clearly Trichet's speech was just voicing for the general public an idea that must have already have taken form in elite discussions in Frankfurt and Brussels. There's going to have to be spirited public opposition if these madmen are to be stopped. And they are madmen. They're convinced that they're doing a keckuva job of managing the Eurozone macroeconomically.

"In this union of tomorrow, or of the day after tomorrow, would it be too bold, in the economic field, with a single market and a single central bank, to envisage a ministry of finance of the union?" he said as he accepted the Charlemagne prize for contributions to European unity.

Of course, by "European Finance Minister", Trichet meant a minister without a budget, but with the power to interdict member states' fiscal policy. A Dog in the Manger.

"Looking at the euro area today, we see clearly that countries that abide by the rules of the single currency can thrive and prosper," Trichet said. "But we also see the opposite. Strengthening the rules to prevent unsound policies is therefore an urgent priority."

...

"But if a country is still not delivering, I think all would agree that the second stage has to be different," he said, suggesting that eurozone authorities be given "a much deeper and authoritative say in the formation of the country's economic policies if these go harmfully astray".

He added: "It would be not only possible, but in some cases compulsory, in the second stage for the European authorities - namely the council on the basis of a proposal by the commission, in liaison with the ECB - to take themselves decisions applicable in the economy concerned."

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper