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.

Read more… (link to external site)

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

Leave a Reply

Your email address will not be published. Required fields are marked *