Tag: economic and fiscal union

German Chancellor Angela Merkel has come out against handing the European Commission more powers, in the clearest sign yet that she is reining in her ambitions to create a "fiscal union" in which euro members cede control of their budgets to Brussels.

The German constitution does not rule out giving an EU financial commissioner the power to ensure states stick to savings targets in their national budgets, the head of the Germany's top court said on Wednesday (27 February).

The last four months created an illusion that the worst is over in the eurozone crisis and more attention can be devoted to the project's future, writes Paweł Świeboda. However, much remains to be done and the golden rule of the new European Union will be to "Trust and verify", he says.

European Central Bank policymaker Benoit Coeuré urged eurozone governments on Saturday (1 December) to forge a closer political union, arguing "the euro is a currency with a state" whose branches of government need more clearly defining.

A European-level corporate tax could have bigger and more effective anti-cyclical effects than the financial transaction tax backed by some EU leaders, Ian Begg argues.

French President François Hollande has put the brakes on a German-backed "political union", saying it should only be considered after the 2014 European elections and could not happen before there is agreement on creating banking and "social" unions.

German Finance Minister Wolfgang Schäuble has called for a great leap forward in European integration ahead of a summit of EU leaders, urging the creation of a new commissioner with power over budgets and reform of European Parliament decision-making.

On 12 September Germany's constitutional court will issue a preliminary verdict on the European Stability Mechanism and the fiscal compact. Whatever the court does, the debate about a new, pro-European constitution will hot up this autumn. But do not be fooled: Germany is still a very long way from agreeing to eurobonds, says Katinka Barysch.

France’s President François Hollande has insisted that the European Union needed more solidarity and a system for debt mutualisation, a position which fell foul of Germany’s insistence that this should only happen after countries agree to greater fiscal oversight from Brussels. EurActiv France reports.

Shared responsibility and solidarity are the two key words that will steer the European debate in the coming years as the European Union slowly moves towards a federal model, writes Didier Reynders.

EU heads of states and government would be well advised to announce which strategy for the eurozone they would like to endorse for the next 10 to 20 years, writes Renaud Thillaye, saying three options are on the table: An 'insurance-adjustment' strategy, a smaller eurozone or a fiscal federation.

German Chancellor Angela Merkel will pit herself against France and Italy today at an EU summit that could shape the eurozone's future, insisting they must put the bloc's fundamental problems ahead of pleas for emergency action.

José Manuel Barroso, European Commission president, has called on EU heads of state to "articulate the vision of where Europe must go" at a summit this week, saying this could lead to further treaty changes and, eventually, a two-speed Union. EurActiv reveals details of proposals that will be circulated among EU leaders on 28-29 June.

The financial and economic ills afflicting Europe would be treated more effectively if those who govern the Union - in fact, national leaders gathered at EU summits - were not themselves suffering from amnesia, writes Alain Lamassoure.

French President François Hollande wants the European Union to agree before the end of 2012 on growth-boosting measures worth €120 billion, putting him on a collision course with German Chancellor Angela Merkel who has ruled out further spending to restart Europe's ailing economy.

In a television interview, German Chancellor Angela Merkel said the euro zone was moving inevitably towards a "political union" requiring nations to cede more sovereignty, and that would lead to more of a multi-speed Europe, with non-euro states in the slow lane.

Despite claims that there should be "no taboo" subjects on the table, French officials who were visiting Brussels for the first time yesterday (29 May) since the Presidential election, appeared hesitant to take the big federalist leap that Germany and others in the European Union are asking for in return for greater solidarity in the euro zone.

The EU's 27 finance ministers will be debating new transfers of power to the European Commission when they meet on Tuesday (21 February), as they examine proposals to tighten control over member states' budgets in the wake of the eurozone's debt crisis.

German Chancellor Angela Merkel has revealed her long-term vision for Europe, saying the debt crisis is forcing eurozone countries towards a federalist model and placing her on a collision course with the more eurosceptic UK.

As negotiations over the EU's new 'fiscal compact' begin in Brussels, German lawmakers in Berlin promise to make their voices heard. And the legal hurdles abound, according to Patrick Sensburg, a Christian Democrat (CDU) lawmaker who chairs the Bundestag's Subcommittee on European Law. EurActiv Germany reports.

As negotiations over the EU's new 'fiscal compact' begin in Brussels, the Bundestag promises to make its voice heard. EurActiv Germany spoke with Patrick Sensburg, a Christian Democratic MP who chairs the Subcommittee on European Law.

There are quicker ways to save the euro than modifying the EU treaties, says European Council President Herman Van Rompuy in a paper to be discussed at a crunch European summit on Thursday. EurActiv provides the text of the blueprint. 

Two Americans were awarded the Nobel prize for economics yesterday  (10 October) and said they had no easy answers for the debt crisis plaguing Europe, but stressed a fiscal union can avoid the collapse of the euro.

Europe's leaders may soon have to bow to market pressure by issuing a common eurozone bond as early as next year, as a growing field of investors and economists say it would be the best – and perhaps only – way of solving the debt crisis.