ECB’s Cœuré backs European control of national budgets

benoit-coeure

Relinquishing control of national budgets to a European level could lead to countries "recovering" their sovereignty, the European Central Bank's (ECB) executive board member Benoît Cœuré said today (November 19).

Cœuré used a speech in Brussels to say the sovereign debt crisis in the euro area is already "tantamount to a loss of fiscal sovereignty" for some governments, which have seen funding costs rise or have even lost access to markets.

For a fiscal union to restore the euro area to full

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