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Mr Trichet said today that while any single finance ministry would "not necessarily" administer "a large federal budget," it would "exert direct responsibilities in at least three domains." These would include "first, the surveillance of both fiscal policies and competitiveness policies" and "direct responsibilities" for countries in fiscal distress, he said. It would also carry out "all the typical responsibilities of the executive branches as regards the union's integrated financial sector, so as to accompany the full integration of financial services, and third, the representation of the union confederation in international financial institutions." Mr Trichet said that any new form of fiscal governance would need to be "decided by the people of Europe" and that the EU president, the European Commission and the German finance ministry are sure to have their own views.
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