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The Guardian: EU should control member states' budgets, says bank boss (June 2, 2011)
"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.

...

"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."



Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Jun 30th, 2011 at 03:01:46 AM EST
[ Parent ]
Krugman blog: The Economic Consequences of Mr. Trichet June 10, 2011
Same as he ever was. He might ask himself, "My God! What have I done?" But he won't.


Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Jun 30th, 2011 at 03:02:41 AM EST
[ Parent ]
There is no constitutional basis for permitting the ECB to usurp fiscal policy.

Mr. Trichet is skirting on the edge of talking treason.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Jun 30th, 2011 at 03:08:59 AM EST
[ Parent ]
He did so in his acceptance speech of the Charlemagne prize <sinks head>

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Jun 30th, 2011 at 05:25:13 AM EST
[ Parent ]
Clean this mess up or we'll all end up in jail

Get along Kid Charlemagne (Steely Dan)

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Thu Jun 30th, 2011 at 07:02:33 AM EST
[ Parent ]
Heh, its generally considered to be about Owsley, of high grade acid fame.  Very fitting tune for them.  "Is there gas in the car"

"I said, 'Wait a minute, Chester, You know I'm a peaceful man...'" Robbie Robertson
by NearlyNormal on Fri Jul 1st, 2011 at 01:22:07 AM EST
[ Parent ]
"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."

If only.

Can I have the Euro Area he's looking at?

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Thu Jun 30th, 2011 at 05:43:54 AM EST
[ Parent ]
Well, he's right on strengthening the rules, but I doubt he has the same things in mind we would have. For instance "Though shalt not run a chronic intra-EU surplus without some sort of redistributive mechanism." is unlikely to be chiselled into his stone tablet.
by Colman (colman at eurotrib.com) on Thu Jun 30th, 2011 at 07:15:48 AM EST
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It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Thu Jun 30th, 2011 at 07:27:54 AM EST
[ Parent ]
They can chisel it right next to "but the currency is sound."

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Jun 30th, 2011 at 05:34:19 PM EST
[ Parent ]
funny, bbc world has stopped running the $-E currency x-rates along the ribbon at the bottom since this morning....

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty
by melo (melometa4(at)gmail.com) on Thu Jun 30th, 2011 at 09:10:59 PM EST
[ Parent ]
clearly this was about fiscal irresponsibility, and we need to enforce much stricter rules.


Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Jun 30th, 2011 at 10:20:25 AM EST
[ Parent ]
"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.

Didn't Ireland abide the rules? It was the celebrated model where EU took baltics to see and learn. What has changed?

..eurozone authorities be given "a much deeper and authoritative say in the formation of the country's economic policies if these go harmfully astray".

Ireland/baltic model to every country. These charlatans would create disaster everywhere they put hands to.

by kjr63 on Sat Jul 2nd, 2011 at 03:10:11 AM EST
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Abide by the unwritten rules.
by rootless2 on Sun Jul 10th, 2011 at 02:13:36 PM EST
[ Parent ]

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