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Jean-Claude Trichet, president of the European Central Bank, has called on the European Union to take bolder steps towards controlling fiscal and economic policies, suggesting a long-term goal of establishing a European ministry of finance....Such a ministry would not necessarily have a large budget. But it would exert surveillance of "both fiscal policies and competitiveness policies", and have a veto right over specific spending decisions.
He said "strengthening rules to prevent unsound policies" was an "urgent priority". The ECB had already called for a "quantum leap" in economic governance, and urged the European Parliament to reinforce the draft secondary legislation that is under negotiation with the Commission and the Council.