France and Germany are gearing up to call for strong amendments to the European Union Constitution—amendments which would create centralized fiscal policy over all member states.
“The changes are among the most sweeping proposed since European countries began coordinating their economic policies in the aftermath of World War II,” reports the New York Times, “They would effectively subordinate economic sovereignty to collective discipline enforced by European technocrats in Brussels.”
German Chancellor Angela Merkel and French President Nicolas Sarkozy met already earlier this week and ”called for amendments to European treaties that would include centralized oversight over budgets and automatic sanctions against countries that violate firmer rules on deficits.”
Sarkozy announced, “We want to make sure that the imbalances that led to the situation in the euro zone today cannot happen again.” Merkel added, “We want structural changes that go beyond agreements. We need binding debt brakes.”