European Central Bank President Trichet arrives at the European Union summit in Brussels
European Central Bank President Jean-Claude Trichet arrives at the European Union summit in Brussels October 23, 2011. REUTERS

Eurozone authorities should in future have greater powers to influence the economic policies of countries in the bloc if a member persistently fails to meet economic targets, ECB President Jean-Claude Trichet said on Monday.

In a speech entitled Tomorrow and the day after Tomorrow: A Vision for Europe, the outgoing European Central Bank president said euro zone states should examine all aspects of each others' economic policies.

A second stage should be envisaged for a country that persistently fails to meet its program targets, he added.

Under this second stage, euro area authorities would gain a much deeper and more authoritative role in the formulation of that country's economic policies, he said. Implementing this idea of the second stage would evidently require a Treaty change. It would also imply a new concept of sovereignty.

(Reporting by Paul Carrel and Annika Breidthardt)