Trichet supports tougher economic surveillance in EU

ECB Bank president Jean-Claude Trichet has backed tougher economic surveillance as finance ministers prepare to debate demands from the European Commission to open their budgets in Brussels before they do so in parliament.

Amid renewed pressure on the euro, the ministers gather this evening for key meetings on the sovereign debt crisis in the single currency area.

As Greece prepares to draw down some €8.5 billion in emergency EU aid to repay a debt due on Wednesday, confrontation also looms over British resistance to new rules to regulate hedge funds.

With newly installed British chancellor George Osborne preparing to attend his first EU meeting since taking office last week, informed sources said yesterday that Spain’s presidency of the EU intended to proceed with plans for a vote on the new regulations.

For more: Trichet supports tougher economic surveillance in EU - The Irish Times - Mon, May 17, 2010