European Central Bank President Mario Draghi has backed German calls for a European super-commissioner to oversee national government budgets.Â German Finance Minister Wolfgang Schaeuble wants the “currency commissioner” to be given the power to veto national budgets.
“I explicitly support this proposal,” Mr Draghi told der Spiegel magazine.
Plans to impose strict limits on budget deficits have already been agreed by 25 of the 27 European Union members.Â Â Only the UK and the Czech Republic have opted out of the new rules.
“If we want to re-establish trust in the eurozone, countries must pass a part of their sovereignty to the European level,” said Mr Draghi.
The super-commissioner would enjoy the same power to make legally binding decisions against individual national governments that is currently only enjoyed by the EU competition commissioner.
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