Media Coverage: Trichet on European budgetary federalism and EUobserver’s delayed coverage

I mentioned that EUobserver had reported that the president of the ECB, Jean Claude Trichet, had told the European Parliament’s Committee on Economic and Financial Affairs that the EU should become a budgetary union, now that it is a monetary union. Given that I couldn’t find the quote in the transcript of his speech and Q&A, I looked it up. It took me a bit but i found it and I did not like what I found out. The article was correct about the content, but completely off on the context. I don’t know why EUobserver reported it two days ago as a statement to the EP when according to the ECB’s website, the comment was made by the ECB’s President in an interview with Le Monde on the 31st of May, as is accurately reported by the Scotsman.
Moreover, the comment should be put in context. It was made in relation to the need for the EU to not be complacent with the fiscal positions of its member states and as a call for better, deeper and more detailed budgetary monitoring mechanism, not as an unconditional statement of support for the fiscal project, along the timid lines of this year’s Commission tax proposal.
By the way, because of this little mishap, I decided to check EUobserver’s report on that EU tax proposal. It was accurate, but not very timely (it took them more than two weeks to report it), yet again…

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