Page last updated at 16:27 GMT, Wednesday, 28 November 2012

Economic Affairs statement

The president of the European Commission, Jose Manuel Barroso, has presented the Commission's "blueprint" for further economic and monetary union (EMU) in the EU.

Speaking at the Commission in Brussels on 28 November 2012, he put forward long term plans to create a single budget for the eurozone, including more pooling of debt.

However he said there should also be a number of short-term measures such as completing the establishment of a single banking supervisor for the eurozone in 2013, giving the European Central Bank the power to intervene in any of the eurozone's 6,000 banks.

Some of the Commission's proposals can be undertaken through secondary legislation, although Mr Barroso confirmed that long-term proposals for full fiscal and economic union would need treaty change, which usually requires unanimous approval by EU member states.

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