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Decisive week for European reforms


Decisive week for European reforms


A task force which includes the euro zone’s finance ministers, the European Central Bank and the European Commission is working on reforms aimed at preventing a repeat of Greece’s debt crisis.

Their final plans for a more solid economic union will be presented before an EU summit in October.

They will include ways for governments to cooperate more closely on synchronising their budget policies and reducing differences in their economies’ competitiveness.

One idea is for EU countries to send Brussels their budget plans for the following year so the Commission and all finance ministers can review them – though Britain strongly opposes that.

There would also be moves to avoid a repeat of Greece’s troubles – with a permanent aid mechanism being put in place and perhaps a common government bond issued by euro zone countries.

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