Europe Mulls Major Step Toward “Fiscal Union”

Germany is applying the pressure on its European counterparts to move toward fiscal integration. German Chancellor Angela Merkel is on a mission to implement some form of central authority to take charge of euro area finances, and numerous new powers for the European Commission, European Parliament and European Court of Justice. It has also been indicated that Merkel is keen for a coordinated European approach to reforming labor markets, social security systems, and tax policies. Until agreements have been reached between Germany and other European states, officials have stated that Berlin will not be entertaining ideas of any other initiatives. So where to from here? The next goal at this point is for EU leaders to unanimously commit to developing a detailed plan outlining the steps required to achieving a “fiscal union” at the upcoming EU summit.

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