European officials release grand vision for euro

BRUSSELS — A top EU official is calling for countries that use the euro to grant a European authority the power to demand changes to their national budgets as part of a grand vision to save the currency.

Other ideas in the plan, published Tuesday by European Council President Herman Van Rompuy on the council website, include issuing medium-term debt backed by all countries and a banking union with a single authority that would insure banking deposits and have the power to recapitalize banks directly.

The document, to be debated at a summit of EU leaders Thursday and Friday, was published on the European Council website Tuesday. It was drawn up by Van Rompuy, European Commission President Jose Manuel Barroso, eurogroup head Jean-Claude Juncker and European Central Bank President Mario Draghi.

  • Discuss
  • Print

Related Stories

Comments » 0

Be the first to post a comment!

Share your thoughts

Comments are the sole responsibility of the person posting them. You agree not to post comments that are off topic, defamatory, obscene, abusive, threatening or an invasion of privacy. Violators may be banned. Click here for our full user agreement.

Comments can be shared on Facebook and Yahoo!. Add both options by connecting your profiles.

Features