EU plans fiscal and political union

EU officials have drawn up a far-reaching plan that would eventually turn the eurozone into an outright fiscal union, but acceptance by EU leaders – whose powers it reduces – will require a major leap of political faith. The seven-page document suggest that ultimately the 17-nation single currency area will need a treasury office and a central budget. Among the short-term changes required is the de facto handing over of budget power and economic policies to the EU level.

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See also Barroso to unveil ‘political union’ plan at EU summit.

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