Spain calling for greater economic integration in the EU, says press report
Spain has written to European institutions asking for an overhaul of the region’s common economic policy to better integrate member states, according to a report in El Pais on Wednesday, referring to an eight-page document written by the Prime Minister’s office.
Madrid has asked for greater mobility of labour between countries, increased fiscal union with a common budget and the issuance of common debt in the form of eurobonds, said the Spanish daily.
Spain has criticised the role of the European Central Bank, urging it to adopt a US Federal Reserve-style mix of policy targets linked to growth and inflation to prevent divergences between member states in indicators such as the unemployment rate, according to El Pais.
France and Germany are currently drawing up plans to overhaul the euro ahead of of an EU leaders’ summit next month.
According to press reports, German Chancellor Angela Merkel and France’s Francois Hollande are likely to meet next week to finalise plans for a more integrated Eurozone.
The official topic of discussion will be a joint Franco-German road-map for the future of the 19-member single currency in response to a request by European Commission President Jean-Claude Juncker for member states to brainstorm a better governance for the region.