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European Central Bank Chief Says EU Treaty Should Change

European Central Bank President Jean-Claude Trichet

European Central Bank President Jean-Claude Trichet

The head of the European Central Bank says the European Union treaty should be changed to prevent one member state from destabilizing the rest of the bloc.

Jean-Claude Trichet, speaking in a French radio and television interview, said Europe has failed to cope with the global financial crisis because some of its members had not respected treaty rules regarding supervision and governance within the eurozone.

Trichet, who steps down as ECB president at the end of this month after an eight-year term, also said European governments needed to move with greater urgency to tackle the crisis hitting the eurozone, including protecting banks and financial institutions, and addressing the dire situation facing the Greek economy.

Trichet added, however, that he believed the euro remains an "extremely credible" currency and that the eurozone was "not under threat."