FRANKFURT (MNI) – A draft of a proposal urging EU states to
surrender bank supervisory and budgetary powers, as well as to consider
the idea of pooling efforts to issue debt, is expected to be circulated
to member states on Monday, three days before Thursday’s EU leaders’
summit, the Financial Times reported.
The report, co-authored by European Central Bank President Mario
Draghi, EU Council President Herman Van Rompuy, European Commission
President Jose Manuel Barroso and Eurogroup head Jean-Claude Juncker,
would set out an “integrated financial framework” for all members of the
European Union and would allow for opt-outs for EU members outside the
Eurozone.
The draft, however, acknowledged, that ideas such as eurobonds or
eurobills would likely require changes to existing EU treaties, the
business daily said, citing those involved with drafting the report.
The paper also urged EU leaders to “actively explore” giving
Europe’s permanent bailout fund more intervention tools and examine
central banks’ role in providing emergency funding to banks, the FT
added.
In a recent interview with German magazine Der Spiegel, German
Finance Minister Wolfgang Schaeuble reiterated Berlin’s position in
favor of transferring more power from sovereign governments to Brussels.
“We must transfer more responsibilities to Brussels in major
political areas, without national governments being able to block
decisions,” Schaeuble said.
— Frankfurt bureau: +49 69 720 142; email: frankfurt@marketnews.com —
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