Eurozone authorities should in future have greater powers to influence the economic policies of countries in the bloc if a member persistently fails to meet economic targets, ECB President Jean-Claude Trichet said on Monday. In a speech entitled "Tomorrow and the day after Tomorrow: A Vision for Europe", the outgoing European Central Bank president said eurozone states should examine all aspects of each others' economic policies.
"A second stage should be envisaged for a country that persistently fails to meet its programme targets," he added. "Under this second stage, euro area authorities would gain a much deeper and more authoritative role in the formulation of that country's economic policies," he said. "Implementing this idea of the second stage would evidently require a Treaty change. It would also imply a new concept of sovereignty."
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