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Francois Villeroy de Galhau spoke of an institutional "accelerator" to engineer reforms on the fiscal, macro and micro fronts in the euro zone.
"There will be a need for a euro area finance minister to implement these tools efficiently," he said at an event organised by policy think tank OMFIF.
He added that the recent slowdown in euro zone growth was expected to be temporary. The ECB's central bankers are worried though that without changes in the euro zone's setup, that monetary policy would remain overburdened and "the only game in town."