The proposals have been watered down to mean eurozone members will not be subject to automatic sanctions if they break the rules of legislation designed to control their budget deficit levels and government debt, reports the Financial Times.
Mr Trichet has called for the draft measures to be withdrawn as they do not note his objections to the changed plans.
"The president of the ECB does not subscribe to all elements of this report," said a memo from his office.
Mr Trichet has been one of the biggest proponents of the need for tough sanctions on debt-laden governments.
Last month, plans were outlined to give any member of the eurozone with national debt levels of higher than 60 per cent of GDP a fine.
By Claire Archer