STRASBOURG–Next year will be decisive for the adoption of reforms to ensure the financial stability of the European Union and the euro currency, European Central Bank President Jean-Claude Trichet said Monday. “We are confronted with a decisive year. In 2011 we’ll see the adoption of a revised governance structure, a profound discussion on financial management and maybe the debut of a modification of the (Lisbon) Treaty,” underpinning the operation of the 27-nation bloc, Trichet told lawmakers at the European Parliament. Despite the strains the adoption of the Lisbon Treaty caused within the bloc, EU leaders decided last month to rewrite the document to make changes designed to avoid and manage financial crises.
“The text must be reformed in order to ensure that Europe as a whole and the eurozone can meet future challenges with even more resolve,” Trichet said. He welcomed the EU initiative in late October but reiterated the ECB position that the proposed measures did not go far enough. He maintained that the proposals would not “guarantee the optimal functioning of the economy of this zone.” Trichet added that another challenge, financial regulation, awaited the eurozone.