THE TELEGRAPH: Germany and France have tabled controversial plans to create an "economic government of the European Union" to police financial policy across the continent.
They have put Herman Van Rompuy, the EU President, in charge of a special task force to examine "all options possible" to prevent another crisis like the one caused by the Greek meltdown.
His mission will be to draw up a master-plan for the best way to oversee and enforce economic targets set in Brussels as a key part of a bail-out package for Greece.
The options he will consider include the creation of an "economic government" by the by the end of the year.
"We commit to promote a strong co-ordination of economic policies in Europe," said a draft text expected to be agreed by EU leaders last night.
"We consider that the European Council should become the economic government of the EU and we propose to increase its role in economic surveillance and the definition of the EU's growth strategy."
Gordon Brown was last night examining the wording of the statement to see whether it was restricted to eurozone members or has possible implications for British economic sovereignty.
Officials are concerned that the language calling for an "economic government" could be another attempt at a power-grab in the wake of the Lisbon Treaty. >>> Bruno Waterfield in Brussels | Thursday, March 25, 2010
THE TELEGRAPH: EU backtracks on 'economic government plan': The European Union has backtracked on plans to create an "economic government of the European Union" following protests from Britain. >>> | Friday, March 26, 2010
