- Aug 20, 2000
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A predictable course of action, and even understandable due to recent events. Still, I don't see it happening (yet).
EU bids for power over national budgets
EU bids for power over national budgets
Senior administrators of the European Union proposed on Wednesday that they be given unprecedented power to scrutinize the spending plans of countries before national parliaments vote on those budgets.
The EU's executive commission's bid was a move to crack down on widespread government overspending and to begin to deal with the debt crisis that threatens the exchange value of the euro.
The commission is the administrative arm of the European Parliament and is independent of national governments.
It also proposed serious financial penalties for countries that break the rules essentially forcing governments to pay a financial penalty that could eventually be returned to them.
The move came as European governments scramble to deal with their deficits.