Euro Needs Enforcement Body, Bosch Chief Says in Handelsblatt
The euro zone needs stronger, more direct sanctions for nations that violate rules for the single currency, Robert Bosch GmbH Chief Executive Officer Franz Fehrenbach wrote in an opinion article in Handelsblatt.
An independent regulatory authority should be given the power to step in and make national decisions, Fehrenbach, who runs the world’s biggest car-parts manufacturer, wrote in the German daily. The euro has “significantly led to stability and affluence” and is needed by Europe.
Member countries will have to give up some national sovereignty in a slow process that should lay the groundwork for open markets, free competition and solidarity, with the primary goal of restoring trust, Fehrenbach wrote in Handelsblatt.