Press: Draft EU Agenda Calls for Binding Fiscal Contracts

SINGAPORE (MNI) – All Eurozone countries would have to sign binding
contracts on fiscal reform similar to those negotiated now with bailed
out states, according to a draft agenda reportedly seen by the Financial
Times.

The newspaper said if it were implemented, the provision would
raise central control over national economic policies. It said the issue
was included in a report distributed to member countries prior to a
meeting later this month.

The report also includes a proposal for a national EU budget, the
paper said, which could be used for countries in crisis.

The report was compiled by European Council President Herman Van
Rompuy and also mentions the need to complete the creation of a single
European banking supervisor by the end of the year, the FT said.

[TOPICS: M$X$$$,M$$EC$,MGX$$$]