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Germans propose Currency Commissioners

Wednesday, October 17 11:05:47

A new European currency commissioner proposed by Germany would allow for more effective economic coordination, a senior German official said today on the eve of an EU summit that is expected to discuss the idea.

German Finance Minister Wolfgang Schaeuble has proposed that such a commissioner would be empowered to reject national budgets on his own initiative.

"If the European Commission is to receive a stronger role, then the question must be answered of how this can be done in a sensible, effective, rapid way. A possible answer to this is a currency commissioner with a high level of autonomy," the German official told reporters.

The official, speaking on condition of anonymity, said he did not expect any substantial discussion of Greece at the two-day summit that starts on Thursday, adding that he also did not forsee an interim report from international lenders on the state of the Greek economy at the gathering. (C ) Reuters