Top bankers urge closer ties to solve euro's problems

Published February 08, 2016

The top central bankers from France and Germany are joining in an appeal to fix longstanding flaws in the euro currency by more closely integrating their economies and putting more authority over policy at the European level.

Francois Villeroy de Galhau and Jens Weidmann argue in an article Monday in the Sueddeutsche Zeitung daily that the 19 member countries must get moving on measures to make the shared currency work better and keep trouble in one country from infecting others.

Those include increasing cross-border shareholding in companies, which would spread the burden of downturns, and a common investment fund to boost infrastructure spending.

The two also propose an EU-level finance ministry and fiscal council that would be subject to parliamentary control.

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