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BREAKING! EU unveils its vision for the future of monetary union
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[quote:Cybermerc:MV8xOTA5MDQxXzMxOTI3MTEzX0QzRkM5NEJD] [quote:Anonymous Coward 18598723:MV8xOTA5MDQxXzMxOTI3MDgwXzlBRjUxNDc4] relax backwards hillbillys :lmao: [/quote] Well then enlighten us as to why this is a good plan. Us backward hillbilly folk are none to smrt and can't see the genius of this plan. [/quote]
Original Message
European authorities have unveiled their vision for the future, which gives them much greater powers.
It includes the creation of a European treasury, which would have powers over national budgets.
European Commission President Jose Manuel Barroso said it was "a defining moment for European integration".
Described as a 10-year plan, it is designed to strengthen the eurozone and prevent future crises, as countries grapple with current debt problems.
Proposals in the report included:
Limits on the amount of debt individual countries can take on
Annual national budgets can be vetoed if they are likely to mean a country exceeding its debt limits
The eurozone borrowing money collectively "could be explored"
A European treasury office to be set up to control a central budget and keep an eye on national ones
A single European banking regulator and a common scheme guaranteeing bank deposits
Common policies on employment regulations and levels of taxation
Joint decision-making with national parliaments to give it "democratic legitimacy"
Quoting:
[
link to www.bbc.co.uk
]
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