Solution for European Union debt crisis?

European Union leaders have made two major proposals for ensuring fiscal stability in the long term. The first proposal is the creation of the European Financial Stability Facility. The second is a single authority responsible for tax policy oversight and government spending coordination of EU member countries, temporarily called the European Treasury. The stability facility is financially backed by the EU and the IMF. The European Parliament, the European Council, and especially the European Commission, can all provide some support for the treasury while it is still being built. However, strong European Commission oversight in the fields of taxation and budgetary policy and the enforcement mechanisms that go with it have been described as infringements on the sovereignty of eurozone member states and are opposed by key EU nations such as France and Italy, which could jeopardise the establishment of a European Treasury.





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