BREAKING! EU unveils its vision for the future of monetary union

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"