has the truly incredible report linked here
The Spanish PM has not phrased his idea in those terms, but that is clearly the intended end result. Germany seems certain to go for it, being the culmination of centuries of scheming and warfare, but what will be the reaction of other former sovereign states with a proud history, particularly France and The Netherlands?
The words used according to Reuters
were as follows:
"The European Union needs to reinforce its architecture," Rajoy said at an event in Sitges, in the north-eastern
province of Catalonia. "This entails moving towards more integration, transferring more sovereignty, especially in the fiscal field.
"And this means a compromise to create a new European fiscal authority which would guide the fiscal policy in the euro zone, harmonize the fiscal policy of member states and enable a centralized control of (public)
finances," he added.
He also said the authority would be in charge of managing European debts.
Labels: EU Fiscal Authority, Spain