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Friday, 11 September 2015

Brussels to embark on radical plans to create joint EMU treasury and euro parliament

Comment: You couldn't get anything more blatantly fascist...


The Telegraph

The survival of economic and monetary union will require the creation of new supra-national institutions, including a joint eurozone treasury and a separate euro parliament, according to the single currency's bail-out chief. 

Klaus Regling, head of the European Stability Mechanism (ESM), joined a clamour of voices in Brussels who are pushing for member states to cede sovereignty in bid to establish a full-blown fiscal union on the Continent. 

The first step will be the creation of a eurozone finance ministry, backed by a separate chamber for the currency's 19 member states in the European parliament, said Mr Regling, who oversees the euro's €500bn rescue fund. 

The move is necessary to "increase the robustness and minimise the vulnerabilities of the currency union", said Mr Regling.

He added it would "imply a significant transfer of sovereignty, requiring democratic legitimacy", which could be provided by a "special chamber of the European Parliament composed of deputies solely from euro area Member States". 

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