ECB' s Chief, Trichet calls for a Federal Europe!

Decades of denial come to this!

According to Open Europe's midday newsletter and press briefing of today, Jean-Claude Trichet admitted last evening that present measures will be insufficient to save the Euro currency and that a Federal EU is now the best way out. The exact unsourced quotation from Trichet, according to Open Europe, was as follows:

“Either we prove that we are able to find the new strong reinforced governance concept, which will fit with a constellation of sovereign states and permit the European Union to face up with the new globalised world. Or, we do not convincingly succeed into this direction, and then a new jump in the institutional framework of Europe toward a political federation will appear necessary.”

Further links and updates will be posted from this posting, when available:

More reporting on Trichet's speech iMarketNews.com here and Reuters vis TrustLaw from here.