European officials release grand vision for euro

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by Laura Matovina

BRUSSELS (AP) -- A top EU official is calling for countries that use the euro to grant a European authority the power to demand changes to their national budgets as part of a grand vision to save the currency.

Other ideas in the plan, published Tuesday by European Council President Herman Van Rompuy on the council website, include issuing medium-term debt backed by all countries and a banking union with a single authority that would insure banking deposits and have the power to recapitalize banks directly.

The document, to be debated at a summit of EU leaders Thursday and Friday, was published on the European Council website Tuesday. It was drawn up by Van Rompuy, European Commission President Jose Manuel Barroso, eurogroup head Jean-Claude Juncker and European Central Bank President Mario Draghi.

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