Europe needs a finance minister and a fiscal administration that has the right to raise its own taxes and decide on the budgets of countries that don’t stick to the rules, Martin Blessing, chief executive officer of Commerzbank AG (CBK), said in an article published by Welt am Sonntag.
The fiscal administration should set up a European debt agency for the issuance of common debt, Blessing wrote in a guest commentary to be published in tomorrow’s edition of the German newspaper.
The only two options for Europe are a return to national currencies, which could lead to a political and economic collapse in the region, or a fiscal union, which would take effort and carries its own risks, Blessing said.
To contact the reporter on this story: Sheenagh Matthews in Frankfurt at firstname.lastname@example.org
To contact the editor responsible for this story: Benedikt Kammel at email@example.com.