BERLIN, Nov 23 (AFP): German Finance Minister Wolfgang Schaeuble said Sunday the European economic and monetary affairs commissioner should have veto powers over national budgets that breach eurozone criteria.
Such a reform would send "a strong signal that we truly honour our commitments", the veteran minister said ahead of a European summit in Brussels next month, in an interview published in news weekly Focus.
The comments come amid tensions between Berlin, which has preached fiscal discipline, and Paris, which is running a budget deficit and urging more stimulus spending.
Schaeuble proposed that the economic and monetary affairs commissioner, a post held by Pierre Moscovici of France, "should get the right to veto budgets that violate the euro stability criteria".
"This does not violate national budget laws. The parliaments of the member states concerned can still decide whether to cut spending, increase taxes or introduce other pro-growth reforms."
He hoped that leaders at the December summit "send the credible message to take this path".
Schaeuble said the eurozone needed to show it is united in the determination to improve its fiscal governance.
"We need to show that we want to jointly proceed toward a fiscal union," he told Focus.
"That means that the eurozone states commit themselves to reducing debt. It must be clear that we want to anchor the euro irrevocably, permanently.
German finance minister wants EU to have budget veto powers
FE Team | Published: November 24, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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