ECB reform mustn't lead to large member dominance

HOLLAND - Enlargement of the European Union and the euro zone will require reform of the European Central Bank and its governing council, but this mustn't result in a dominant position for the larger euro-zone members, Dutch central bank president Nout Wellink said 3 September.

At present, the 18 members of the ECB's governing council - made up of the 12 national central bank governors and the six executive board members - set interest rates for the 12-member euro zone. But enlargement of the