Jean-Claude Trichet, the president of the European Central Bank, on Thursday said euro area governance reforms should create a mechanism that hands power over national economic policy to euro area institutions if a country fails to adhere to economic governance rules.
On receiving the Charlemagne Prize 2011 in Aachen, Germany, Trichet said: "Looking at the euro area today, we see clearly that countries that abide by the rules of the single currency can thrive and prosper. Sound policies and a he
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