Moreover, eurozone governance did not include monitoring and surveillance of competitiveness indicators – trends in nominal prices and costs in member states, and countries' external imbalances within the eurozone.
What we need is the same kind of mechanism that we have now imposed on Greece in order to monitor and survey eurozone countries.
The conflict continued ahead of a likely decision by all 27 EU finance ministers, including the British chancellor, George Osborne, on Tuesday to approve new powers for Brussels to monitor fiscal policy within eurozone countries – and demand budget changes, in an unprecedented erosion of national sovereignty.
Eurozone finance ministers, however, warned they would closely monitor Spain's ability to stick to deficit targets and structural reforms.
The first pillar - the Single Supervisory Mechanism (SSM) - will take shape next year, with the European Central Bank acquiring powers to monitor the activities of all the major eurozone banks.
Once Greece's timetable is approved by the Eurozone, European technical teams will return to Athens and monitor the measures' implementation. .
For anyone who has been monitoring the US debt ceiling debate, or the eurozone sovereign debt crisis, it is easy to forget that these battles can cause collateral damage elsewhere.
The ECB, in its new role as supervisor, will monitor the health of all 6,000 banks within the eurozone (but not the UK), and be able to intervene when a bank is in trouble.
Monitoring external debt is very important for the Russian economy, as Eurozone banks holding the debt fear a depreciation of assets that could lead to a financial panic.
We'll be monitoring more reaction to his interview through the day, as well as tracking other events in the eurozone crisis, as usual.
