Trichet: European Union needs to adopt sanctions to curb spending

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Governments in violation of the European Union's (EU) fiscal measures should face sanctions including the withdrawal of voting rights, Jean-Claude Trichet, the president of the European Central Bank (ECB), said Monday.

Speaking at the European Parliament in Brussels, Trichet said sanctions would be applied on member states that did not comply with EU rules on fiscal restraint. "A wider spectrum of financial sanctions needs to be considered such as more stringent reporting requirements or even a

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