GYEONGJU, South Korea (MNI) – EU economics commissioner Olli Rehn
said Friday that he is satisfied with progress the task force has made
on EU reforms.
“I find that the final report of the task force shows satisfactory
progress and convergence towards the Commission’s ambitious proposals to
reinforce economic governance,” Rehn told reporters at the sidelines of
the G20 meetings.
European Central Bank President Jean-Claude Trichet is less
satisfied with reform efforts.
According to an EU document that outlines the new rules agreed on,
Trichet has refused to back a deal to strengthen economic governance in
the European Union and the Eurozone.
“We have worked for several months, half a year or even more with
President Trichet to reinforce economic governance in an excellent
cooperation with the ECB and President Trichet,” Rehn said.
The full report of a deal to beef up EU rules on debt and deficits
thrashed out late Monday was published on Wednesday, along with the
names of those finance ministers and other officials who signed up to
the report’s contents.
“The President of the ECB does not subscribe to all elements of
this report,” a footnote on one of the report’s pages said.
The report didn’t say what Trichet’s specific concerns were, or why
he had refused to endorse the report.
Several ECB officials including Vice President Vitor Constancio and
Executive Board member Jurgen Stark have already openly criticised the
report, which they said should have gone further and forced countries to
apply the budget rules more strongly.
–Frankfurt bureau tel.: +49-69-720142. Email: jtreeck@marketnews.com
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