European Central Bank President Jean-Claude Trichet saidgovernments should consider setting up a finance ministry for the17-nation euro region as the bloc struggles to contain aregion-wide sovereign debt crisis.

“Would it be too bold, in the economic field, with a singlemarket, a single currency and a single central bank, to envisage aministry of finance of the union?” Trichet said in a speech todayin Aachen, Germany. He also favors giving the European Union powersto veto the budget measures of countries that go “harmfullyastray,” though that would require a change to EU Treaties.

Trichet, one of the architects of the Maastricht Treaty thatfounded the euro, is setting out his vision for how the currencycan be better managed just months before he retires and as Europeanofficials rush to put together a second bailout plan for Greece.Last year's 110 billion-euro ($159 billion) rescue failed toprevent an investor exodus from Greece, which has been saddled withEurope's highest debt load amid a three-year economic slump.