ECB's Asmussen backs Schaeuble call for budget controls

Reuters

The European Commission should have powers to reject a member country's budget if it does not abide by common agreements, European Central Bank Executive Board member Joerg Asmussen was quoted as saying on Tuesday.

Asmussen thus threw his weight behind German Finance Minister Wolfgang Schaeuble's proposal of a new commissioner with power over budgets and reform of European Parliament decision-making.

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"It would be a good idea that the monetary commissioner can reject (national) budgets," Asmussen told German radio hr-info.

He added that the commissioner would not be trusted with finding acceptable alternatives, but countries would have to do so.

"How this budget will then be fixed will be up to the member state," he said.

(Reporting by Sakari Suoninen; Editing by Michael Roddy)