STOCK MARKET WATCH -- Friday, 18 May 2012

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78. German finance minister calls for directly elected EU president

http://www.irishtimes.com/newspaper/world/2012/0518/1224316280646.html

GERMAN FINANCE minister Wolfgang Schäuble has called for a directly elected European Union president to further European integration and improve the bloc’s democratic legitimacy.

In Aachen, after receiving the Charlemagne Prize for his contribution to European integration, Mr Schäuble warned of a weakening link between European citizens and Brussels institutions. “The political unity of Europe needs a face, a face that represents a legitimate power,” said Mr Schäuble. “This would then be the political pinnacle of a European executive.” Though not the first time he has made such a call, Mr Schäuble’s Aachen message had an urgent resonance given continued uncertainty over Greece and the who’s who of Europe listening in the audience.

The 69-year-old politician said the lesson of the financial crisis was the need for greater pooling of economic and financial responsibility – with a parallel debate over which tasks are best left at local and national level.

He said agreement on an elected European president should be reached before the next European parliamentary elections.