Thursday, October 18, 2012

German Chancellor Proposes Radical Powers For E.U. Finance Commissioner

The German Chancellor says the EU's top financial official should have the power to veto the national budgets of member states. In an address to the Bundestag lower house of parliament, Angela Merkel said the EU's economics commissioner should have the authority to declare a budget "invalid". However she said that "unfortunately" some EU member states were not ready for such a step. Angela Merkel was speaking ahead of todays meeting of EU leaders in Brussels. The Taoiseach Enda Kenny - who is attending the summit - will push for the implementation of agreements made earlier this year on banking debt. Last June, EU leaders agreed to use the ESM bailout fund to directly recapitalise banks.