Economic Times: Euro is not under attack, ECB's Trichet says

He described as "nonsense" any suggestion euro zone governments had forced the ECB to act this week, sending out a fatal signal on its independence and credibility.
"What we need is a quantum leap in mutual surveillance of economic policies in Europe. We need improved mechanisms to prevent and punish misconduct." "We need an effective implementation of the mutual control, we need effective sanctions for breaches of the Stability and Growth Pact. The ECB calls here for profound changes."