See a draft report by the British "Financial Times", the European Union (EU) summit this week to discuss the following recommendations: The European Union will get a far-reaching powers, you can rewrite the budget of those who violate the rules of debt and deficit for the euro countries.

These proposals is that the euro zone into a closer fiscal union magnificent part of the plan will be given more powers in Brussels, by its act as the role of the Ministry of Finance of the 17 euro area member states. These proposals will be included in the report submitted to the summit, the report will also outline plans to establish a banking alliance and political alliances.

The occasion of the EU summit held in on Thursday as investors worried that the euro zone will re-enter the danger zone. Bond and stock market slump yesterday, Cyprus have a huge exposure to its banking sector of the Greek economy on the grounds, becoming the fifth euro area member states to apply for international relief. In Greece, due to the resignation of Minister of Finance, set up five days of the coalition government setbacks.

Germany seeks strict control of the national budget as a prerequisite for that share the euro zone sovereign debt, these proposals seem to allow the German Government supports the common efforts to the issuance of euro-zone bonds.

In accordance with the establishment of closer fiscal union plan, the countries of the European Commission (European Commission) will break their promises to the details of the adjustment programs. These amendments will be all other EU member states vote.

Although these budget amendments will be described as "suggestions", but the EU has a powerful new tool to punish not to adopt such recommendations, the State, including levy heavy fines.

These initiatives go far beyond the plan proposed by the European Commission last year. Plan last year, Brussels will have the right to review the budget before the national parliaments, but no permission to ordered revised. The officials cautioned that the report is still under development. The four authors of the report is the Chairman of the Council of Europe (European Council), Herman? Rompuy (Herman Van Rompuy), European Commission President Jose? Manuel? Barroso (of José Manuel Barroso,), the European Central Bank (ECB ) governor Mario? Draghi (Mario Draghi) and by the euro-zone finance ministers of the Euro Group President Jean - Claude? Juncker (Jean-Claude Juncker). The four yesterday's meeting to amend the draft, is expected to have the draft last night sent to the Governments.


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