European Central Bank President Jean-Claude Trichet said on Saturday that more ambitious reforms of European Union budget rules were needed for the euro zone than those proposed by the European Commission.
“A number of the commission’s proposals are going in the right direction, but for the euro area more ambitious reforms are needed to ensure the smooth functioning of monetary union,” Trichet said at the World Policy Conference in Marrakesh.
Trichet said all deadlines under the excessive deficit procedure should be “significantly reduced” and sanctions should be applied “quasi-automatically”.
Discover the complete story of India’s general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Get latest news on Education along with Board Exam, Competitive Exam and Exam Result at Hindustan Times. Also get latest Job updates on Employment News