Eurozone nations could gain their own budget, separate from the European Union’s budget, under draft proposals published October 8 and supported by key member states. These proposals would put the eurozone on the path to developing a common taxation and spending policy and common treasure. It is a practical step toward becoming a superstate.
Reuters writes: “The fund could be used to help a country such as Spain, which has unemployment of 25 percent and is struggling to reinvigorate growth. In exchange for budget rigor, the pan-eurozone fund could provide targeted assistance.”