Arab Today, arab today bundesbank calls for independent watchdog on eu budgets
Last Updated : GMT 21:53:08
Arab Today, arab today
Arab Today, arab today

Bundesbank calls for independent watchdog on EU budgets

Arab Today, arab today

Arab Today, arab today Bundesbank calls for independent watchdog on EU budgets

Bundesbank chief Jens Weidmann
Frankfurt - AFP

The head of the German central bank, or Bundesbank, called Friday for an independent body to be set up to ensure eurozone countries abide by the bloc's budget rules.

"Given the current role of the EU Commission, there's a lot to be said for transferring its tasks of budget monitoring and rule inspection to an independent authority," Bundesbank president Jens Weidmann wrote in an article for the weekly magazine Focus.

Weidmann accused Brussels of being too lax towards countries that fail to meet their commitments under the European Stability and Growth Pact.

"The rather lax and political application of the rules by the EU Commission is threatening to undermine the (pact's) credibility and binding effects," he argued.

The Bundesbank chief, who sits on the European Central Bank's governing council, warned of a further reallocation of financial risks within the single currency bloc.

"It isn't good in the long run for cooperation between states if each member country can order what it wants but everybody has to pay the bill at the end. In currency union, accountability and supervision must be brought into harmony on a sustainable basis," he said.

Weidmann, who has been publicly critical of the handling of the Greek crisis, said a "central European institution could intervene directly if a member state's economic and fiscal policies" give rise to significant slippages.

It would have a clear and definite mandate and need not be involved in the process of political negotiation, he suggested.

Last month, after the marathon EU summit to save Greece, German Finance Minister Wolfgang Schaeuble had already floated the idea of transferring some of the EU Commission's core tasks to "independent" bodies.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bundesbank calls for independent watchdog on eu budgets Arab Today, arab today bundesbank calls for independent watchdog on eu budgets

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bundesbank calls for independent watchdog on eu budgets Arab Today, arab today bundesbank calls for independent watchdog on eu budgets

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday