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BREAKING! EU unveils its vision for the future of monetary union
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In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:Cybermerc:MV8xOTA5MDQxXzMxOTI5MDg2XzkzNDlDNjdF] [quote:Anonymous Coward 18610044:MV8xOTA5MDQxXzMxOTI4MjgzXzU4MUI4MUZB] [quote:Cybermerc:MV8xOTA5MDQxXzMxOTI2ODg0XzJCMzdFNkJD] [quote:http://www.bbc.co.uk/news/business-18592135] Earlier, German Finance Minister Wolfgang Schaeuble also called for there to be a European finance minister, with the power to veto national budgets as well as an elected president of Europe.[/quote] I wonder which country those 2 individuals would come from... [/quote] If you think these plans benefit Germany you are stupid. [/quote] No, but being the European finance minister and president of Europe would benefit Germany. [/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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