Germany's DIW urges setting up independent body

An EU independent body should be set up to decide on penalties that should be imposed on member states which violate the criteria laid out in the EU Stability and Growth Pact, Germany's research institute DIW president Klaus Zimmerman told reporters.

At a news conference on DIW's study on European economic stability, Zimmermann said instead of a group of ministers passing judgements on a country's macroeconomic conditions, a panel of "independent experts" should be set up.