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He
said the cost of lack of sufficient policy coordination since
2010, when the sovereign debt crisis started, was several points
of gross domestic product and millions of jobs for the
19-countries sharing the euro.
"There is a trust issue," Villeroy De Galhau told the Brussels
Economic Forum.
"When the French speak of economic coordination, or stronger
economic governance, as they have done for decades, the Germans
have very often a suspicion that it is a new French trick to
avoid domestic reforms."
He added: "Perhaps this suspicion is sometimes not completely
unfounded."
He said that this trade-off between domestic reforms and
economic policy coordination at the European level, which has
been there for the last 20 years, should end.
"We need both, but for that we needed a trusted institution to
guarantee this end," he said.
(Reporting By Jan Strupczewski; Editing by Alissa de Carbonnel)
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