Budget — Berlin wants more powers for Brussels

Published on 16 October 2012 at 13:53

Ahead of another "crucial" Brussels summit this October 18/19 on the future of the Union and the single currency, Berlin has announced new proposals to help the EU emerge from the crisis. "German Finance Minister Wolfgang Schäuble has a plan for a significant reform of the economic and monetary union of the EU – by reforming the EU institutions," announces the German weekly Die Zeit on its website.

Schäuble proposes to give more power to the European Commissioner for Economic and Monetary Affairs, while stripping some fiscal sovereignty away from the member states. The Commisoner would be able to veto the budget of a Member State, for example, if the deficit is too high.

Markus Sievers, writing in the Frankfurter Rundschau takes a critical view

Modifications to the European Union Treaty of this magnitude take time. Largely because of the Eurosceptic climate that exists today in many countries, it would be very difficult to get them through.

Receive the best of European journalism straight to your inbox every Thursday

According to Sievers, Schäuble is trying primarily to divert attention from the problems the German government is running into in releasing additional funds for the rescue of Greece —

... he is tossing a sweetener to critics of the coalition [the government]. Whether this will be enough to calm them might be doubted.

Was this article useful? If so we are delighted!

It is freely available because we believe that the right to free and independent information is essential for democracy. But this right is not guaranteed forever, and independence comes at a cost. We need your support in order to continue publishing independent, multilingual news for all Europeans.

Discover our subscription offers and their exclusive benefits and become a member of our community now!

Are you a news organisation, a business, an association or a foundation? Check out our bespoke editorial and translation services.

Support independent European journalism

European democracy needs independent media. Join our community!

On the same topic