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, seen by The Daily Telegraph, Herman Van Rompuy, the president of the European Council – the monthly summits of EU leaders – 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.
Mr Van Rompuy expects the EU to have agreed an “operational framework” to give the European Central Bank (ECB) the role as single eurozone banking supervisor by March next year, despite continuing splits between France and Germany over the policy.
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 step-by-step “road map” will leave Britain isolated and is expected to trigger a fierce British EU referendum debate in the last half of 2014, just months before a general election.
Full article: Euro blueprint gives Brussels economic sovereignty over members (The Telegraph)