> the suggestion that it will relieve national governments from pressure
> to control their own spending is way off base. There will be more,
> rather than less, interference from the EU in domestic budgetary
> matters in future.
And sure enough, here's today's news:
EU Commission seeks earlier budget oversight-Rehn
BERLIN, May 12 (Reuters) - The European Commission wants to start examining EU governments' budgets before they are adopted rather than afterwards as is the case now, the region's economic chief was quoted on Wednesday as saying.
Economic and Monetary Affairs Commissioner Olli Rehn said Brussels wanted to begin the earlier oversight from the start of 2011, Germany's Die Welt newspaper quoted him saying.
The move would allow the Commission and European Parliament "identify economic challenges for the EU and the euro zone" at an earlier stage, Rehn told Die Welt.
Greece's economic crisis has highlighted the weakness of mechanisms which are supposed to show whether European Union governments are sticking to the bloc's budget rules.
"Through the establishment of a 'European Semester' for coordinating economic policy, member states will profit from an early agreement at a European level," he said.
Die Welt said Rehn would present the proposal in Brussels later on Wednesday.
At the same time, the Eurogroup of euro zone finance ministers should also be advised in advance and therefore "play a decisive role in the new system of expanded coordination," said Rehn.
http://uk.reuters.com/article/idUKLDE64A2P820100512