Europe needs an 'economic government',says EU President Herman Van Rompuy

The European Union's new president, Herman Van Rompuy, is calling for an "economic government" for the bloc, with closer policy coordination and financial incentives for good performers.

"The crisis has revealed our weaknesses," the former Belgian prime minister says in a statement entitled "A European strategy for growth and jobs" prepared for an EU summit in Brussels on Thursday. At present individual European nations "are responsible for the economic strategy of their government. They should do the same at EU level," Van Rompuy argues in his statement, obtained by AFP on Monday.

"Whether it is called coordination of policies or economic government," only the European nations working are "capable of delivering and sustaining a common European strategy for more growth and more jobs," he underlined.

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