EU wants member countries to co-ordinate budgets

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 criticized by Sweden's prime minister.

---

The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).