Trichet suggests EU financial ministry to have veto on national policies

Comments from the President of the European Central Bank have highlighted concerns about control over members states' government policies.

In a speech yesterday, Jean Claude Trichet floated the idea of a central EU finance ministry, and a veto for EU leaders over national economic policy.

He made his comments while being awarded a prize for services to European unity.

Brussels editor with the Financial Times Peter Spiegel said a central finance ministry is years off, if it happens at all, but the idea touches on concerns amongst some European officials.

"We've seen some rules that are currently being debated about issuing fines and levies on national governments that do not keep their budgets in line. A lot of national governmets have tried to water this down, particularly the French," he said.