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EU vision for the future revealed

in International Business

EU vision for the future revealed

EU unveils its vision for the future of monetary union. This new vision allows European authorities greater powers including the creation of a European treasury, which would have powers over national budgets.

The document, released by European Council President Herman Van Rompuy, serves as a means to reach a common understanding amongst the Euro countries on the way forward. The document released ahead of Thursday’s EU summit.

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”.

French Finance Minister Pierre Moscovici has said Thursday’s EU summit should, “lay the groundwork for the second phase of the euro”.

Tags assigned to this article:
European UnionEurozone

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