Super European Finance Minister Needed
Source: Agencies |
August 22, 2011, Monday
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Print Edition
Print Edition
A European finance minister with sway over member states' taxes and budgets is needed to lead the eurozone out of its debt crisis, says the chief executive of Germany's second-largest lender, Commerzbank.
"We need a real European finance minister, who is endowed with the appropriate powers," CEO Martin Blessing said in an op-ed to be published in yesterday's Welt am Sonntag paper, parts of which were made available to the media last Saturday.
"With the introduction of a fiscal union, Brussels should have the right to take budgetary powers from countries that do not stick to the rules. It should have the right to levy its own taxes and to set up a common debt agency to issue bonds," said Blessing, whose bank is 25 percent owned by the German government.
He said the bundle of measures proposed by France and Germany last week was not enough.
"We need a real European finance minister, who is endowed with the appropriate powers," CEO Martin Blessing said in an op-ed to be published in yesterday's Welt am Sonntag paper, parts of which were made available to the media last Saturday.
"With the introduction of a fiscal union, Brussels should have the right to take budgetary powers from countries that do not stick to the rules. It should have the right to levy its own taxes and to set up a common debt agency to issue bonds," said Blessing, whose bank is 25 percent owned by the German government.
He said the bundle of measures proposed by France and Germany last week was not enough.
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