European Central Bank Executive Board member Juergen Stark called for a panel of experts to review budgets in euro member states which could form the “nucleus for a future European finance ministry,” Sueddeutsche Zeitung reported, citing an interview.
“We need a quantum leap among the institutes of the economic and monetary union,” the newspaper quoted Stark as saying in an e-mailed preview of an interview to be published tomorrow.
Stark opposed greater engagement from the International Monetary Fund, saying that IMF funding from the ECB would be an indirect monetary financing that would burden taxpayers, the newspaper said.
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