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European leaders said working on fiscal union - Ladies' Casual Hats Manufacturer
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FRANKFURT--The leaders of European institutions will work on a plan to make a fiscal union in order to save the euro, German magazine Der Spiegel reports on the weekend, without citing sources.
Under the plan, which is being exercised by European Commission President Jose Manuel Barroso, European Central Bank head Mario Draghi, European Council President Herman Van Rompuy and Jean-Claude Juncker, the top of the Eurogroup of euro-zone finance ministers, member countries would no longer be in a posture to raise new debt independently, Der Spiegel says.

At more info on, may 23, European leaders charged Van Rompuy, Barroso, Draghi and Juncker to pull together proposals for the next summit that would help leaders develop a road map for discussion about future European architecture.

The issues up for grabs fall broadly into two categories. There are ideas such as for example creating joint European bonds, a European-wide deposit insurance and much more broadly a "banking union," which fall into the group of mutual liability for sovereign debt and European banks. They are ideas French President Francois Hollande backs, but have been anathema to German Chancellor Angela Merkel unless power to enforce budget discipline is shifted to Europe.

Germany is pushing for far-reaching European control of national budgets, a fiscal-policy union, which would require member states to cede control of national budgets to some future European fiscal authority, a concept France opposes.

Der Spiegel reports that a member country would only have autonomy regarding funding that is covered by its own revenue income. Countries that require funding beyond that could have to report their must the band of euro-zone finance ministers, who would then decide about the financial needs of each country and issue joint euro-zone bonds to finance that debt.

The rules would only be valid for future borrowing, not existing liabilities, the magazine adds.

The ECB declined to touch upon the Der Spiegel article.

Magazine internet site: www.spiegel.de

(Bill Boston in Berlin contributed to the article.)

Write to the Frankfurt Bureau at [email protected]

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