Eurozone countries would lose the right to set their own budgets and end up surrendering economic sovereignty to Brussels under a blueprint to "complete" the European Union's single currency.
A masterplan for “completion of economic and monetary union” has been set out in a confidential document to be discussed by EU leaders at a Brussels summit next week. In the nine-page paper... Herman Van Rompuy, the president of the European Council... charts a series of steps from ongoing financial reforms to overall political union for the eurozone. “The general objective will be to aim for a progressive pooling of economic sovereignty at the European level", the paper states.
By 2014, the plan requires all eurozone countries to “enter into individual arrangements of a contractual nature with EU institutions on the measures and reforms they commit to undertake and on the means for their implementation”. With banking union and binding contracts of fiscal policy, the basis will have been laid, according to the plan, for a move to “completion” of the euro which will “imply a change to the treaties” after 2014.
In the final stage, all eurozone countries will essentially surrender fiscal sovereignty with an “increasing degree of common decision-making on national budgets and an enhanced co-ordination of economic policies”.
© The Telegraph
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