President of euro finance ministers proposed

French finance minister Nicolas Sarkozy yesterday proposed that the finance ministers of the 12 countries that share the euro should have a permanent president for two and a half years, something foreseen in the draft Constitution. Speaking after a "eurogroup" meeting in Luxembourg, which brings together these finance ministers, Mr Sarkozy said, "The European Central Bank speaks with a single voice, the European Commission speaks with a single voice but in the Eurogroup, one speaks with 12 voices", according to AFP. He proposed that a leader of the group should be appointed for a two and a half year term as part of a wider drive to improve economic co-ordination in the euro zone. As at all other ministerial meetings in the EU, the eurogroup is chaired by the finance minister whose country currently holds the EU Presidency. Hence the present Chairman of the eurogroup is Irish finance minister Charlie McCreevy, who has been in the Chair since January. He will be succeeded in July by Dutch finance minister Gerrit Zalm. Other ideas to improve economic co-ordination will be discussed by the 12 ministers at their next meeting in July.