President Trichetâ€™s proposal is original, it is remarkable, perhaps even historic, but not very clear. He envisions not a council but an individual.
former President of the ECB? Member countries have shown no inclination for having strong personalities in Brussels, however. Perhaps, then, they might start with a European advisory fiscal council that would oversee national advisory fiscal councils, a proposal recently made by the Commission. That would be a useful step.
* Charles Wyplosz is Professor of International Economics at the Graduate Institute, Geneva; Director of the International Centre for Money and Banking Studies. CEPR Research Fellow EUROPEANBUSINESSREVIEW
European Business Review (EBR) magazine, issue May - August 2011