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Trichet seeking tougher scrutiny

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ECB president Jean-Claude Trichet. Photo: Bloomberg News

ECB president Jean-Claude Trichet. Photo: Bloomberg News

ECB president Jean-Claude Trichet. Photo: Bloomberg News

THE president of the European Central Bank has called for much tougher and intrusive levels of scrutiny of the budget policies of countries in the euro zone, especially those with debt problems.

In a speech on reforming economic governance, Jean-Claude Trichet called for the creation of an early warning system to identify unsustainable economic policies in euro zone countries.

Speaking in New York, Mr Trichet said the economic crisis highlighted the need for broader surveillance of macroeconomic policies, and called on member states to go far beyond the current European Commission proposals for reform of the rules of the single currency.

Irish Independent