Wednesday, May 12, 2010

EU wants nations to submit budgets for "peer review"

Never let a good crisis go to waste. EU leaders making their move to get more into nation political decisions.
The European Commission wants EU countries to co-ordinate plans for national budgets in a move to strengthen financial co-operation.

It would involve submitting budgets to the EU for a "peer review", possibly before they go to national parliaments.

Some reports suggested the proposal would involve just the 16 countries using the euro currency, though this has not been made clear.

The Commission said its aim was to help prevent another EU financial crisis.

But the move, controversial as it would mean encroaching on sovereign territory, was immediately criticised by Sweden's prime minister.

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