Trichet calls for euro finance ministry

OUTGOING European Central Bank president Jean-Claude Trichet has proposed the establishment of a finance ministry for the 17 euro states as a means of preventing another debt crisis.

Already financial meltdown has forced Ireland and Greece to seek costly bailout funding of €85 billion and €110bn respectively.

In the context of an evolving EU “would it be too bold, in the economic field, with a single market, a single currency and a single central bank, to envisage a ministry of finance of the union?” he asked.