Ex-ECB chief Trichet calls for steps to strengthen eurozone democracy

Frankfurt (dpa) - The eurozone should forge ahead with far-reaching political reforms in the face of the challenges facing the 19-member currency bloc, former European Central Bank chief Jean-Claude Trichet told dpa. "The euro area ... needs to improve the equivalent of its executive branch as well as its legislative branch," said the 74-year-old Trichet, who stepped down from the ECB presidency in 2011 after eight years in the post. "We need a minister of finance of the euro area," the former ECB chief and ex-French central bank governor said, in line with French President Emmanuel Macron‘s reform plans.Germany is also likely to press for sweeping EU reforms following the formation of a new government in Berlin.In his comments to dpa, Trichet called for the strengthening of the European Parliament so as to encourage "more democratic accountability" and to deepen the European Union in areas such as defence, security, border control and the fight against terrorism."We have lot of problems, a lot of challenges," Trichet argued, including, he said, immigration.He noted the role played by populism in last year‘s election of US President Donald Trump and the Brexit vote. "It is then not surprising that we observe this new protectionist, nationalist, anti-immigration sensitivity on the rise in all advanced economies," said Trichet.He said the appropriate response to the sense of frustration in parts of the population around the world was to concentrate efforts on improving education and training so as to help people face up to "the new world and new technologies."