Federal EU Procedures Should Be Put In Place To Monitor State Economic Policies, ECB’s Mersch Says

Speaking from Brussels, Robert-Jan Bartunek and Pete Harrison of Reuters report European Central Bank Governing Member Yves Mersch as saying: “The recent European proposals for reform of the economic governance of the euro area go in the right direction, but are not ambitious enough to ensure a healthy and efficient functioning of monetary union,” Mersch said in a statement.

 The sovereign debt crisis had its roots in the fact that euro zone countries were unable to properly monitor each others’ economic policy, and procedures should be put in place to correct that, Mersch added.

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