| Author (Person) | Phillips, Leigh |
|---|---|
| Series Title | EUObserver |
| Series Details | 7.9.11 |
| Publication Date | 07/09/2011 |
| Content Type | News |
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The Dutch government proposed in September 2011 that highly indebted states be put into 'guardianship', with spending decisions seized from the elected government and placed under the direct control of a European Commissioner. If a state is unwilling to surrender its sovereignty in this way, then it would be forced to exit the euro. Such states, described 'notorious sinners', would also lose their voting rights in the EU and the delivery of European structural funds would be dependent on compliance with the orders of the Commissioner. Eeurozone leaders had tasked Herman Van Rompuy, the European Council President in August 2011, with formulating a new set of measures to bring closer fiscal union in the single currency. The Dutch proposal is one of the first salvos in what is expected to be an intense two-month debate over whether the eurozone needs to centralise economic policymaking in order to survive the ongoing debt crisis. |
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| Source Link | Link to Main Source http://euobserver.com/19/113552 |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Europe, Netherlands |
