May 31 (Reuters) – The European Union needs stricter mechanisms for monitoring member states that receive financial aid from others, and a bankruptcy procedure should be looked at, European Central Bank Governing Council member Axel Weber said.
“In the case of support, it is necessary to have procedures that ensure a member state implements the necessary measures and does not consciously accept a danger to the union,” Weber said in a copy of a speech to be delivered in Mainz on Monday.
“To strengthen preventative measures against such a case, an insolvency arrangement should be seriously examined,” he added. (Reporting by Brian Rohan and Madeline Chambers)